Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, March 26, 1993 TAG: 9303260275
SECTION: BUSINESS PAGE: A-11 EDITION: METRO
SOURCE: MAG POFF STAFF WRITER
DATELINE: LENGTH: Medium
TAKING A DIFFERENT APPROACH TO ECONOMIC DEVELOPMENT
Benjamin Jenkins raised what he conceded is "a sensitive subject."The president of First Union National Bank of Virginia told the Roanoke Rotary Club on Thursday night about the differences between how his bank and its predecessor, Dominion Bankshares Corp., handle economic development.
"We share many philosophies with Dominion," said Jenkins.
"But this is one area where we simply have a different approach to supporting economic development in the communities we serve."
Dominion has had an economic development specialist, a job held by Roanoke's vice mayor, Beverly Fitzpatrick Jr., until his position was eliminated in First Union's acquisition of the bank.
Fitzpatrick's position has proven one of the most controversial issues resulting from acquisition of Dominion on March 1 by First Union Corp. of Charlotte, N.C.
Rather than delegating thatfunction to one staff area, Jenkins said, it is a key responsibility for all leaders and line bankers.
Commercial account managers will meet regularly with the Regional Partnership, city and county "to determine how we can help persuade prospects to move to the valley," Jenkins said.
"And when a particularly quick response is needed," Jenkins said, "we'll respond - just as Warner [Dalhouse] and Nick Taubman did recently when they helped convince Transkrit that Roanoke was the right place for its U.S. operation."
He referred to Dalhouse, chairman of the bank, and Nicholas Taubman of Roanoke, chairman of Advance Stores Co. Inc., who recently resigned from the bank board.
Jenkins also said First Union contributed $300,000 to the Hotel Roanoke renovation project within 24 hours of being asked.
Jenkins said that he would spend one day a week calling on customers with commercial loan officers.
Promising that First Union personnel will be deeply involved in community activities, Jenkins said its officers in Virginia will decide which local charities will benefit from company contributions.
"You should know that each state's share of our contributions budget is based primarily on that state's share of net income," he said.
"And that will be good news for Virginia and the Roanoke Valley," he added, "because we expect First Union of Virginia to produce solid profits - not in 10 years, but in one to two years."