THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Friday, May 5, 1995 TAG: 9505030149
SECTION: PORTSMOUTH CURRENTS PAGE: 02 EDITION: FINAL
COLUMN: Ida Kay's Portsmouth
SOURCE: Ida Kay Jordan
LENGTH: Medium: 80 lines
Quick, which of the following areas has the largest total bank deposits: Ghent in Norfolk, Greenbrier in Chesapeake, Midtown in Portsmouth or Lynnhaven in Virginia Beach?
I bet nobody picked Midtown in Portsmouth - except maybe a banker or two who may have seen the numbers for 1994.
Right here in the middle of ``poor'' old Portsmouth, bank deposits tell a somewhat different story from what most people imagine.
The total deposits at all Midtown banks come to more than $250 million. That compares to $159 million in Ghent, $138 million in Greenbrier and $131 in Lynnhaven.
Other comparables include Hilltop in Virginia Beach with $269 million and Great Bridge in Chesapeake with $158 million. Few areas on the Peninsula come close to Midtown.
Of course, there are a few areas with greater deposits - Pembroke with more than $400 million, Virginia Beach resort area with $457 million, Wards Corner with $310 million and Downtown Norfolk, where the presence of two headquarters banks runs up the totals.
The Churchland area banks, encompassing both Portsmouth and Chesapeake, have deposits totaling $261 million. Downtown Portsmouth deposits come to about $154 million and all the banks in Portsmouth Boulevard area have total deposits of $232 million.
The figures, first mentioned to me by Commerce Bank President Bob Aston, really do astound the ears that have heard so much conversation about poverty from people such as the MidCity shopping center folks and others who own business property in the area.
Because we've heard so much poor-mouthing around here, we automatically assume that Midtown would be at the bottom of any list which included Ghent, Greenbrier and Lynnhaven.
I'd almost take a bet that net worth of many residents around the Midtown area also would surpass by far the net worth of a comparable group around Ghent and some of the other areas.
Net worth is what you own minus what you owe. In Portsmouth many people own paid-for homes, paid-for automobiles and low-balance credit cards. Portsmouth folks are less apt to live mortgaged to the hilt because (1) they're conservative and (2) they're older.
Also, most Portsmouth folks do not move up, up and out of sight on residences, often preferring their paid-for houses that are pleasant and more than adequate for their needs.
These same people have money to spend, but most of them find it harder and harder to spend it in Portsmouth. Many women - from Mayor Gloria Webb on down - can't buy a suitable pair of shoes within the city limits. The same must be true for men.
Because of Portsmouth's geography, it's nigh to impossible to present statistics showing any affluence at all. Mostly, the average in every ZIP code or other designated area is watered down by many who have little or no income.
Consequently, business people shy away, thinking there is no market for middle to upscale merchandise when, in fact, the market is there.
If Midtown bank deposits are high by comparison to others, then it seems that some fairly affluent folks at least pass the area with great regularity. Generally, one deposits money where one lives, has a business or visits on a regular basis.
People seldom cross town, much less city lines, to go to a bank. Thus, it appears Midtown is not so poor after all.
In recent months, some business people in the area banded together to convince the city powers and the city economic planning consultant that the area should be saved as a commercial district. It is reconfigured in the Vision 2005 Plan.
Traffic counts on all the streets and boulevards through the area generally are very high, but the cars and trucks are not going to stop unless there's a reason and a feeling of good will about the area.
The fact that most people would choose Ghent, Greenbrier or Lynnhaven as having the largest bank deposits proves once more that image is everything.
Maybe if we started thinking of this mid-section of the city in more positive terms, we could attract both stores and customers back to the area. by CNB