ROANOKE TIMES
Copyright (c) 1997, Roanoke Times
DATE: Wednesday, April 16, 1997 TAG: 9704160062
SECTION: BUSINESS PAGE: B-6 EDITION: METRO
SOURCE: MAG POFF THE ROANOKE TIMES
The Roanoke center will be consolidated with Richmond's in an effort to give customers better-quality service.
Crestar Bank will close its Small Business Loan Center in Roanoke, consolidating the operation in Richmond.
The change will be effective Sept. 1, the company said Tuesday.
Crestar spokesman Freda Carper said the Roanoke center employs six full-time workers and one part-time person. She said Crestar expects to transfer all of them to other positions with the bank in the Roanoke Valley.
The change will bring small businesses better quality service, according to Carper.
The staff in Richmond includes specialists experienced in dealing with small businesses, she said. Most of them are qualified to make lending decisions for the bank so that loan applications can be processed more quickly than the Roanoke center is able to do.
Crestar's Small Business Loan Centers in Roanoke and Richmond deal with the borrowing needs of commercial enterprises with annual revenues of $2 million or less.
In an unrelated announcement Tuesday, Crestar said it has won approval from the Federal Reserve Board for expanded underwriting authority for its subsidiary, Crestar Securities Corp.
The decision enables the banking company to expand into areas not open to most bank-affiliated companies such as underwriting of municipal revenue bonds, commercial paper and asset-backed securities.
LENGTH: Short : 39 lines KEYWORDS: MGR JOBCHEKby CNB