Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, August 20, 1994 TAG: 9408220080
SECTION: BUSINESS PAGE: A6 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
Traci J. Hess has been named vice president and chief financial officer of the proposed new Valley Bank.
She previously was senior vice president and treasurer of Bank of Hampton Roads in Chesapeake, a community bank with about $100 million in assets.
Hess has also worked for the certified public accounting firm of Ernest & Young, where she specialized in the financial services industry. Hess is a graduate of the University of Virginia.
She is the third executive officer of the organization, joining President Guy W. Byrd Jr. and A. Wayne Lewis, senior vice president.
- Staff report
Bedford Savings finishes offering
Bedford Federal Savings Bank announced Friday that it has completed its initial stock offering in connection with its conversion from a mutual thrift to a stockholder-owned bank.
The stock will begin trading Monday on NASDAQ, the automated trading system of the National Association of Securities Dealers, under the symbol BFSB.
Harold K. Neal, executive vice president, said the bank's holding company, Bedford Bancshares Inc., has issued 1,256,375 shares, the maximum allowed.
The shares were sold at $10 in a combined subscription and community offering that concluded Aug. 2. Initially, the proceeds will be used to purchase short-term investment securities.
- Staff report\ Charter Federal to sell branch
Charter Federal Savings Bank plans to sell its Danville branch to Co-operative Savings Bank of Lynchburg.
Co-operative will pay a premium of $2.24 million for the branch, which has deposits of $42.2 million.
Co-operative will also purchase the branch office building at Main and Ridge streets and some consumer loans from Charter Federal for an undisclosed amount. It will retain the present employees.
The transaction, which must be approved by federal regulatory authorities, is scheduled for completion by Nov. 30.
- Staff report
Uttermost shares with its workers
Effective Monday, the 70 workers at Uttermost Co. in Franklin County got a 75-cent-per-hour raise.
Business has been so good for the manufacturer of framed mirrors and pictures that the company thought it should share more with employees, said Bob Cooper, chairman. "We want to be a good company in every way," he said.
Cooper said Uttermost's business has grown 35 percent a year over the last five years.
- Staff report
Bankruptcies
Five bankruptcies with business affiliations have been filed in the U.S. Bankruptcy Court for Western Virginia at Roanoke. Three are personal bankruptcies that the court listed as businesses because they have commercial connections.
Bruce Coal Co. Inc. of Clintwood sought reorganization and protection from creditors. Darlene Turner, president, listed assets of $551,000 and liabilities of $377,964.
Morris Warner Patton of Rural Retreat also filed as a business, asking for a wage-earner plan for repayment of debts. He said he has assets of $267,461 and liabilities of $170,511.
Fred J. Crockett and Wendy Crockett of Pulaski filed for a wage-earner plan for repayment. Fred Crockett trades as Crockett's Trailer Park and has assets of $119,500 and liabilities of $108,283.
William M. Miller and Mary Ellen Miller of Salem asked for liquidation. William Miller's business, Miller Industrial Maintenance, had assets of $10,041 and liabilities of $67,288.
Donald L. Hall and Betty G. Hall of Boones Mill filed for a wage-earner plan for repayment of debts, showing assets of $56,200 and liabilities of $70,112.
by CNB