Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, April 22, 1994 TAG: 9404220205
SECTION: BUSINESS PAGE: A7 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
Bedford Federal Savings Bank has filed a request with the Securities and Exchange Commission to convert from a mutual thrift, which is owned by its depositors, to a stock company, owned by shareholders.
The thrift has offices in Bedford, Forest and Moneta.
Bedford Federal Executive Vice President Harold K. Neal said the change would infuse significant equity capital into the bank. Voting rights would transfer from depositors to shareholders, and a holding company would own the bank as a subsidiary.
Under the plan, which must be approved by the Office of Thrift Supervision, shares will be offered first to depositors and then to the general public.
The amount of stock to be offered will be determined by an independent appraisal following a review of pricing materials by regulators. The plan must be approved at a special meeting of members of the association.
The bank said it expects regulatory approval by the end of June.
Mortgage rates hit June '92 level
WASHINGTON - After declining last week, mortgage rates rose this week to the highest levels in nearly two years. The 30-year, fixed-rate mortgages averaged 8.49 percent, the Federal Home Loan Mortgage Corp. said Thursday.
The 30-year rate was up from last week's 8.26 percent and was the highest since it was 8.54 percent the week of June 12, 1992. This week's rate is 13/4 percentage points above the 25-year low of 6.74 percent in October.
First Union may use old DMV building
First Union National Bank of Virginia is negotiating with the owners of Tanglewood Mall for possible lease of the former Department of Motor Vehicles building as a branch bank.
Philip E. Witt, vice president for corporate real estate in Roanoke, said Thursday that no decisions about the property have been made. He said he is gathering information for presentation to senior management of the bank.
The Tanglewood area, Witt said, is "an attractive location that might better serve customers."
He has asked architects to look over the building to determine whether it could be converted into a branch bank. It has been empty since the DMV moved to Crossroads Mall last year.
Witt said no decisions have been made about closing of other branches, he said, although reports have speculated that the Towers Mall and Virginia 419 offices would be consolidated at the old DMV site.
Child care center construction begun
First Union National Bank of Virginia said Thursday it began construction this week on expansion of its child care center on Plantation Road. The expansion will increase the center's capacity to 88 children. Most of them are the children of employes at the bank's adjacent operations center.
The project is expected to be completed by the end of June. As part of the work, the entire center will have new wall and floor coverings and new lighting.
The bank also said it has renewed its contract with Corporate Child Care Management Services of Nashville, Tenn., to manage the center.
Bankruptcy Court OKs Brendle plan
Brendle's Inc., the Elkin, N.C., retailer operating a store in Roanoke, said Thursday that the order approving its exit-financing arrangements was approved by the U.S. Bankruptcy Court. Also, the company said it has signed a $45 million, five-year loan with with Foothill Capital Corp. of Los Angeles.
ATM network agrees to accord
WASHINGTON - The operator of the nation's largest regional automatic-teller banking network agreed to stop anticompetitive practices that cost customers $100 million last year, the Justice Department announced Thursday.
Electronic Payment Services Inc., which operates the MAC automatic-teller network, said it no longer would require some banks to use its data processing services and would stop barring those banks from connecting to other ATM networks.
The MAC network operates in Pennsylvania, New Jersey, Delaware, West Virginia, New Hampshire and parts of Ohio. It provides 13,000 automatic-teller machines that handle 92 million transactions a month for depositors of more than 1,400 banks.
by CNB