Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, September 13, 1995 TAG: 9509130049
SECTION: BUSINESS PAGE: B-8 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
Patrick Henry National Bank, which has 11 offices in Virginia, has applied to open a branch in Eden, N.C., saying it is the first Virginia institution to take advantage of a recent change in interstate banking laws that allows branching across state lines. Both Virginia and North Carolina have adopted the federal legislation.
Worth Harris Carter Jr., chairman and president of Patrick Henry, said the bank has ``long felt that the Rockingham County area in North Carolina was an extension of the trade area of Martinsville and Henry County."
Carter said the bank will offer services that are unavailable now in the North Carolina market, including free checking and 7 a.m. to 7 p.m. drive-in window service six days a week.
Patrick Henry has assets of more than $300 million, deposits of more than $290 million and a loan portfolio of more than $190 million.
- Staff report
Bedford bank to buy back stock
Bedford Bancshares Inc., holding company of Bedford Federal Savings Bank, said Tuesday it has approval from the Office of Thrift Supervision to rebuy up to 5 percent of its common stock, about 61,893 shares.
Harold K. Neal, executive vice president, said the bank anticipates buying the shares in open market transactions from time to time during the next 12 months. The stock, which is traded on the Nasdaq, closed Tuesday at $18, up 12 1/2 cents from Monday.
- Staff report
Credit union fraud brings 24 years
BOSTON - A former credit union executive who spent 18 months as a fugitive was sentenced Tuesday to 24 years in prison, the longest federal sentence ever issued for a white-collar crime in Massachusetts.
U.S. District Judge William G. Young said the length of the sentence was justified by the ``evilness'' of the crimes committed by Richard D. Mangone, former president of the Digital Employees Federal Credit Union and cofounder of the defunct Barnstable Community Federal Credit Union.
Mangone was ordered to make restitution of $41 million, but prosecutors said they doubted he would ever be able to produce even a fraction of that.
Mangone, 51, was convicted in July 1993 of 22 criminal counts, including conspiracy, bank fraud and money laundering. He ran from the law before sentencing. After 18 months on the lam, he walked into a church in Bowling Green, Ky., last month and told a priest he wanted to surrender.
- Boston Globe
by CNB