Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: TUESDAY, February 14, 1995 TAG: 9502150031
SECTION: BUSINESS PAGE: B-5 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Short
Salem Bank and Trust said it plans to issue 250,000 shares of stock to its shareholders and to the public.
The offering to shareholders is in progress; Salem Bank President Clark Owen Jr. said a public offering will begin in early March.
Salem Bank and Trust was authorized to issue 2 million shares when it was founded in 1978, Owen said, but only about half of those shares have been sold. Although these shares are new to the public, they have been authorized for about 17 years.
Owen said income from the sale will provide additional capital to support the bank's growth and for general corporate purposes. He said the bank recently opened two facilities, a branch near Hollins and an operations center in Salem.
McKinnon & Co. of Norfolk is managing the stock offering.
- Staff report
by CNB