ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Friday, August 9, 1996 TAG: 9608090040
SECTION: BUSINESS PAGE: A-9 EDITION: METRO
SOURCE: MAG POFF STAFF WRITER
Two banks are planning to open new branches in the Roanoke Valley.
First National Bank of Rocky Mount has purchased the former First Union branch on Peters Creek Road at Cove Road.
Worth Carter Jr., chairman of First National Bank of Rocky Mount, said the deal was closed this month after banking authorities gave permission for the branch.
Remodeling should begin by Labor Day, he said, and the bank expects to occupy the premises late in the year. Nichols Construction Inc. of Collinsville is the contractor.
This will be the bank's second Roanoke Valley location. It has an office on Hershberger Road. Carter said the bank intends further expansion in the Roanoke Valley, but it has no firm plans.
Meanwhile, First Union National Bank of Virginia has started construction of a super-branch on Virginia Avenue in Vinton. The branch will resemble the bank's large office at Tanglewood Mall.
The bank purchased 1.29 acres from the W.E. Cundiff estate adjacent to its present Vinton branch. Chuck Saldarini, president of First Union's Roanoke bank, said contractor J.M. Turner & Co. of Roanoke has begun construction, which is expected to be completed in December. The old branch will then be torn down to provide drive-through lanes and parking.
First Union's branch on Ninth Street Southeast also will close; its accounts will be transferred to Vinton.
Stuart Meredith and Ed Hall of Hall Associates in Roanoke handled both real estate transactions.
LENGTH: Short : 37 linesby CNB