
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: TUESDAY, October 26, 1993                   TAG: 9310260095
SECTION: BUSINESS                    PAGE: B8   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

ROANOKE VALLEY ECONOMIC INDICATORS

The Roanoke clearinghouse, where all local banks once exchanged their customers' checks, has suffered another loss of business.

First Union National Bank of Virginia has withdrawn from the clearinghouse, causing the amount of money exchanged to drop to $18.3 million last week from $33.5 million the week before.

A year ago, the banks cleared checks worth $31.9 million. But that was the anniversary of another withdrawal that dropped business from $94.6 million the prior week.

Six or seven banks once cleared their checks here; the amounts were routinely in excess of $150 million. It was a good economic indicator: The higher the amount of money turned over, the better the economy.

Area banks gradually have been choosing to clear checks through a statewide facility in Richmond instead.

First Union will clear all of its checks through the Federal Reserve Bank. - Staff report

by CNB