Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, July 22, 1995 TAG: 9507240047
SECTION: BUSINESS PAGE: A-4 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
John Hancock Mutual Life Insurance Co. will move Monday to the first floor of the First Campbell Square Building at 210 First St., S.W. The move doubles the size of the agency's Roanoke office to 7,100 square feet. The company's office had been at 410 First St. S.W. Jim Hodges of Hall Associates Inc. negotiated the lease.
Crestar Bank consolidates
Crestar Bank said it has matched four sets of its Roanoke Valley branches under single managers, displacing four of the managers from their jobs.
Bank spokeswoman Freda Carper said the branches were paired because they are close to each other. Each set will be managed by a single person.
The pairs are Tanglewood with Towers, Williamson Road with Hollins, the Plaza of Roanoke-Salem with Northwest, and Church Avenue with Crestar Plaza in downtown Roanoke.
She said one of the displaced managers has been offered another job with Crestar in Roanoke. The other three are being interviewed for other jobs with the company in the Southwest Region.
Bearing company shuts operations
Magnetic Bearings Inc., a company that had design and manufacturing operations in Roanoke County and Salem, has closed.
The company started in Radford in 1984 and moved to Valleypointe Corporate Center in 1991.
MBI had licensed the magnetic bearing technology from Societe de Mechanique Magnetique, a French company which until late last year owned 40 percent of MBI, according to Chet Farabaugh, a former Magnetic Bearings employee.
After the French sold MBI late last year to a Chicago company that had been the company's majority owner, MBI was closed, Farabaugh said.
Farabaugh and one service engineer now work for the French company, representing its magnetic-bearing products in North America. MBI had 40 employees when it halted operations. Most have found other work in the Roanoke Valley, according to Farabaugh.
Bankruptcies
Four bankruptcies 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.
Property Maintenance Corp. of Roanoke, a janitorial and security service, filed for reorganization and protection from creditors. Kenneth Haley, president, estimated assets at $160,000 and liabilities at $515,000.
Perry Randolph Sizemore of North Tazewell filed for a wage-earner plan for repayment of debts, listing assets of $65,700 and liabilities of $69,992. He does business as C&S Motors, a company involved in used car sales and repair.
David Justus of Hurley, doing business as David Justus Trucking, filed for liquidation with assets of $194,850 and liabilities of $221,437.
Frank Edna Carter of Roanoke, a self-employed carpenter, sought liquidation with assets of $3,100 and liabilities of $28,292.
by CNB