
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: THURSDAY, June 29, 1995                   TAG: 9506290087
SECTION: VIRGINIA                    PAGE: C-4   EDITION: METRO 
SOURCE: F.J. GALLAGHER STAFF WRITER
DATELINE:                                 LENGTH: Medium

BANK GIVES $1.1 MILLION TO COLLEGES

First Union National Bank on Wednesday announced a donation of $350,000 to two Virginia colleges as part of a $1.1 million gift aimed at improving education in the state.

"The U.S. is increasingly becoming a nation of economic 'haves' and 'have nots,''' Ben Jenkins, First Union's chief executive officer, said in a prepared statement. "The only long-term solution is more - and better - education and training, especially for young people from low-income households."

First Union's education initiative - part of the company's larger "Excellence in Education" program - includes gifts of $250,000 to the Pamplin College of Business at Virginia Tech and $100,000 to Roanoke College, in addition to $500,000 for the University of Virginia. Five other donations ranging from $7,500 to $200,000 went to public schools, youth education programs and universities in Virginia and the Washington, D.C., area.

Theresa Thomas, a public relations officer for Roanoke College, said the $100,000 will be used to continue renovation of the former Roanoke County Courthouse, which houses the departments of religion and philosophy, business administration and public affairs studies. Thomas estimated that the total expense for the face lift will approach $2.5 million.

"The building is a valuable part of the Roanoke College campus," Thomas said. "Every student is required to take a values class from the department of religion and philosophy in that building, so they all pass through there at least once."

First Union's gift to Tech will endow a professorship for the study of financial risk management, with an emphasis on the use of high-risk derivatives, Virginia Tech public relations coordinator Sookhan Ho said. Recently, Orange County, Calif., officials pointed to mismanaged derivatives investments as the primary cause of the municipality's bankruptcy.

"The professorship is a critical part of our efforts to successfully develop our MBA track in financial risk management," Ho said. "It will allow us to attract and retain an individual with teaching and research expertise."

First Union last week announced a plan to merge with First Fidelity Bankcorp., the nation's 25th-largest bank, making it the country's sixth-largest financial institution.

by CNB