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

DATE: WEDNESDAY, July 27, 1994                   TAG: 9408180020
SECTION: BUSINESS                    PAGE: B8   EDITION: METRO 
SOURCE: MAG POFF STAFF WRITER
DATELINE:                                 LENGTH: Medium

POTENTIAL INVESTORS IN NEW BANK TO MEET

Invitations have been sent to likely investors, although the meetings are open. They will be held beginning this morning at the Roanoke office of Scott & Stringfellow Inc., 610 S. Jefferson St.

William Nash, manager of the local office of Scott & Stringfellow, said the invitations went to prospective investors who live in the valley.

The stock itself, however, is being offered to out-of-town investors as well as to local residents. Scott & Stringfellow is leading a group of brokers for sale of the stock issue.

Some subscriptions have been returned by investors, Nash said, and "everything is progressing." He estimated it will take at least 60 days to reach the goal of 800,000 to 1.2 million shares at $10 a share.

The money will be held in escrow by Wachovia Bank of Winston-Salem, N.C., until the Comptroller of the Currency grants the bank preliminary approval to operate. When that happens, $7.5 million will become the capital of the bank and the balance will be used for working capital.

The company, which has opened offices at 32 Church Ave. in downtown Roanoke, also has proposed operating a banking office in Southwest Roanoke County.

The company was organized this year by 15 local investors who felt there was an opportunity for a locally owned commercial bank.

Although the U.S. banking industry has consolidated and fewer new banks are being organized, the group contends that public reaction to last year's sale of Roanoke-based Dominion Bankshares Corp. to First Union Corp. of Charlotte, N.C., shows a demand for a local financial institution.