Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, April 29, 1995 TAG: 9505010040
SECTION: BUSINESS PAGE: C-6 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
First Union National Bank of Virginia confirmed Friday that it will close two branches and a stand-alone drive-through location in Roanoke in the coming months. The action had been under study in recent weeks, and the bank said it has begun mailing notices to affected customers.
David Scanzoni, spokesman for First Union Corp. in Charlotte, N.C., said the branch at Towers Shopping Center will close June 6. It will be consolidated with the South Roanoke branch at 301 McClanahan St., about a mile away.
An independent drive-through branch with an automated teller machine will remain open at Towers. But the drive-through at Bernard Drive and Virginia 419 will close July 13, Scanzoni said. A branch that formerly was at that site was relocated several months ago to nearby Tanglewood Mall.
The First Union office at 2657 Peters Creek Road, near Cove Road, will close July 27. Its accounts will be moved to the branch at 4202 Melrose Ave., but Scanzoni said people may find the Hershberger Road branch equally convenient.
Scanzoni said First Union customers can bank at any branch, regardless of where they opened their account.
In another move, First Union said it has sold two of its branches in far Southwest Virginia. Both will be used by other banks.
The branch at Oakwood in Buchanan County was sold to Gary Rose of Grundy for $250,000. Rose said he resold the building to Miners and Merchants Bank of Grundy. He and the bank declined to give the resale price.
A spokeswoman for the bank said the branch is closed and will not reopen until March 1996. She said the terms of the sale precluded its use as a bank for a year.
Ed Hall and Stuart Meredith of Hall Associates in Roanoke handled the first sale.
Also, First Union has sold its branch at Haysi in Dickinson County to Premier Bank for $225,000. Bill Walker, Ed Hall and Stuart Meredith of Hall Associates handled that transaction.
Bruce Ludwick, president of Premier Bank North at Clintwood, said the property is across the street from Premier's existing branch at Haysi. The property is likely to be used initially for employee parking, he said, and it will be held for possible future expansion. The building is empty now.
Both buildings contain 5,300 square feet.
- Staff report
Crestar acquires Maryland bank
Crestar Financial Corp. said Friday it has signed an agreement to acquire Loyola Capital Corp. of Baltimore. Loyola Capital is the parent of Loyola Federal Savings Bank, which has $2.5 billion in assets, $1.5 billion in deposits and about 800 employees. It operates 35 branches in Baltimore, central Maryland and Maryland's Eastern Shore.
Under terms of the agreement, Loyola shareholders will receive 0.69 of a Crestar share for each of 8.1 million shares of Loyola stock, meaning the transaction is worth about $259.2 million.
The acquisition would increase Crestar Bank's assets by more than 17 percent to $16.9 billion and bring its branch network to more than 380 outlets.
The acquisition is expected to be completed by the end of this year or early 1996, subject to approval by regulators and Loyola shareholders.
Also Friday, Crestar directors declared a 5-cent, 12.5 percent increase in the quarterly dividend to 45 cents a share, payable May 19 to stockholders on May 8.
- Staff report
Bankruptcies
Four cases with business affiliations have been filed in the U.S. Bankruptcy Court for Western Virginia at Roanoke. Two of them are personal bankruptcies that the court listed as businesses because they have commercial connections and could be of interest to business creditors and customers.
Wayne Howard DeLong of Roanoke, a commodity broker, filed for a wage-earner plan for repayment of creditors. He estimated assets at less than $50,000 and liabilities at less than $99,000.
Pigeon Branch Coal Co. Inc. of Cedar Bluff filed for reorganization and protection from creditors. Emory Horn, president, estimated assets at less than $50,000 and liabilities at more than $100,000.
Lacy Earl McReynolds and Phyllis Jane Roberts McReynolds of Coeburn filed for liquidation with assets of $27,365 and liabilities of $135,923. Lacy McReynolds has an interest in Dragon Trucking Inc.
William Robert Bachert of Pulaski filed for liquidation, listing assets of $283 and liabilities of $16,350. He has an interest in Bachert Industries of Key West, Fla.
- Staff report
by CNB