Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, June 10, 1994 TAG: 9406170074
SECTION: BUSINESS PAGE: A-15 EDITION: METRO
SOURCE:
DATELINE: CHARLOTTE, N.C. LENGTH: Medium
Hugh McColl Jr.'s goal is to cut nonsalary expenses $100 million a year, or 4 percent. Last year, the Charlotte-based bank, one of the nation's largest, spent $2.39 billion on nonsalary expenses.
``I would like to talk to you about some things that have been bugging me,'' McColl said in Monday's issue of NationsBank Times employee newsletter - now printed on lightweight paper to save money. ``We're spending too much money, and I'm asking you to help me do something about it.''
NationsBank spent $81 million on travel last year and $19 million on long-distance calls. It has one copy machine for every 10 employees, and it took $3 million to keep those copy machines filled with paper. Office supplies ate $67 million.
``You know those cute little Post-It stickers everybody likes?'' McColl asked. ``We spent $200,000 for those.''
NationsBank spokesman Dick Stilley noted that McColl didn't mention cutting costs when it comes to customers.
Plaza gets no takers at auction
No prospective buyers came forth Thursday when the Federal Deposit Insurance Corp. tried to sell The Plaza of Roanoke-Salem, a Roanoke retail and office center. Without a ready buyer at the foreclosure sale, the government agency's "offer" of $2.9 million stood. Anyone bidding on the property had to exceed the FDIC amount, which relates to the amount owed on the center's mortgage.
The center will continue operating as usual while a buyer is sought, said leasing agent Bob Copty of Roanoke. Now that the foreclosure sale is over, he said, he is in a better position to negotiate with prospective tenants.
- Staff report
Crestar completes Annapolis merger
Crestar Financial Corp., Richmond parent of Crestar Bank, said Thursday it has completed acquisition of Annapolis Bancorp Inc., the holding company for Annapolis Federal Savings Bank.
The merger, which was announced in November 1993, brings to Crestar about $277 million in deposits, $241 million in loans and more than 36,000 new accounts.
- Staff report
Tourism expected to keep on growing
WILLIAMSBURG - Virginia's tourism industry should continue a pattern of solid growth this year, according to the forecast issue of the Virginia Business Report from the College of William and Mary.
Roy Pearson, Bureau of Business research director, said a 2.6 percent increase in payroll jobs and a 3.1 rise in real income will help boost tourism.
Pearson expects retail sales to show a gain of 7.3 percent for 1994 and predicts the third quarter could show double-digit gains for retail sales.
Northern Virginia will lead, with continuing strong growth in payroll jobs, real income and retail sales during the balance of 1994, Pearson said.
The state's economy will continue to expand in 1995, but at a more moderate pace than this year, he said.
Pearson predicts a 4.8 percent increase in personal income in 1995, compared with a 5.6 percent increase this year.
- Associated Press
by CNB