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

DATE: TUESDAY, September 12, 1995                   TAG: 9509120106
SECTION: BUSINESS                    PAGE: B-6   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

IN BUSINESS

Owners of Paul's Restaurant in downtown Roanoke said Monday they will purchase their building at the end of this week. Demos K. Tsiakos and Vickie Tsiakos have operated the restaurant at 13-15 Franklin Road S.W. for about 18 years.

Demos Tsiakos said they will pay $235,000 for the building, which is being sold by William Lemon of Roanoke.

Tsiakos said he bought the building because he has been in business downtown for many years and has an established clientele. He said he has decided to stay at the site for the long term.

He has plans to expand the restaurant into space available at the rear and the side, adding more seats. The building also has occupied offices upstairs.

- Staff report

Piedmont to redeem debentures

Piedmont BankGroup Inc. of Martinsville said Monday that it is calling for redemption on Oct. 13 of all of its outstanding 7 percent convertible subordinated debentures due 2011. The redemption price is $1,014 plus interest of $34.61 for each $1,000 of principal.

The debentures are convertible at any time before Oct. 5 into shares of the company's common stock at the rate of 54.945 shares for each $1,000. The Securities and Exchange Commission has approved registration of 441,923 shares for this purpose.

- Staff report

Another new office for Valley Bank

Valley Bank opened its second office on Monday in Southwest Roanoke County. The so-called "soft" opening is designed to give the staff a week before the grand opening at 10 a.m. next Monday. The ribbon will be cut then by Fuzzy Minnix, chairman of the Roanoke County Board of Supervisors.

The branch is on Starkey Road near its intersection with Virginia 419 and opposite Holiday Inn-Tanglewood. The office and drive-in also have access from Fallowater Road. Valley Bank's other office is in downtown Roanoke.

Gail Vitullo is manager of the new office. She worked for 17 years for First Union National Bank of Virginia and its predecessor, Dominion Bank.

- Staff report

VTLS joins with DEC

VTLS Inc., a Blacksburg maker of library computer software, said it has become a business partner with Digital Equipment Corp. and that the University of New England in New South Wales, Australia, will be the first site where a VTLS system is installed on Digital computers.

- Staff report