ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Friday, June 28, 1996 TAG: 9606280047
SECTION: BUSINESS PAGE: A-7 EDITION: METRO
SOURCE: MAG POFF STAFF WRITER
First Virginia Bank said Thursday it will close its branch at the Richfield Retirement Community in Salem.
James Hinson, president of First Virginia Bank-Southwest, said Richfield's management agrees that the experiment with an on-site branch has not been a success. The office will cease operations on Sept. 13.
The full-service branch, in operation since October 1993, "has not lived up to our corporate expectations," Hinson said. It did not grow and develop the business needed to stay in operation. The office was aimed solely at residents of the retirement community.
Hinson said many of the residents preferred to do their banking business away from the retirement complex and patronized a branch at 2743 West Main St., about a mile away.
First Virginia has said its West Main branch will be expanded, along with another office at 231 College Ave., also in Salem.
Hinson said bids will be received in several more weeks for the College Avenue expansion. When that renovation is complete, First Virginia will close its office at 223 East Main St.
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