ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Friday, October 25, 1996 TAG: 9610250057
SECTION: BUSINESS PAGE: B-6 EDITION: METRO
SOURCE: MAG POFF STAFF WRITER
Valley Bank plans to occupy the South Roanoke building to be vacated in December by NationsBank.
The Roanoke-based bank said Thursday it will apply to the federal Comptroller of the Currency for permission to establish its third branch at 2203 Crystal Spring Ave. S.W. If approved, as expected, the office will open in January.
NationsBank has already told its customers its branch will close in December and all accounts will be transferred to the Starkey office at Virginia 419 and Starkey Road in Roanoke County.
Douglas C. Waters, regional executive officer for NationsBank, said it is leaving the South Roanoke site because the leased building is so small it is difficult for NationsBank to handle its full line of products, including sale of mutual funds. "It's a tiny little office," Waters said.
He also noted that it has no drive-up window. The Starkey office has more space and a drive-through window.
Ellis Gutshall, president of Valley Bank, said it has a full line of banking products but does not at this time sell mutual funds, insurance or annuities.
The Crystal Spring site, he said, "is perfectly fit for our style of banking. It's another convenient location for our customers."
Gutshall said that portion of Crystal Spring Avenue "is part of a neighborhood in the true sense of the word, with a number of shops and businesses frequented by local residents." He said the neighborhood center "needs its own bank to retain its vibrancy.''
Valley Bank, which is locally owned, opened in May 1995 at its downtown location on Church Avenue. It opened its second office in September 1995 on Starkey Road, immediately adjacent to the NationsBank branch. At the end of September, Valley Bank had assets of $43 million, deposits of $36.4 million and loans of $28.4 million.
LENGTH: Short : 42 linesby CNB