Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, November 4, 1995 TAG: 9511060045
SECTION: BUSINESS PAGE: A-6 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
First Citizens BancShares Inc. of Raleigh, N.C., plans to acquire two branch banks owned by First Union Corp. in the Henry County area.
The offices are located in Martinsville and Collinsville. Together, the two branches have about $41 million in deposits.
Pending regulatory approval, the transaction is expected to be completed in the first quarter of 1996. The purchase price was not disclosed.
John Francis, executive vice president of First Citizens, said there will be no layoffs of employees. All accounts will be converted for customers automatically. There will be no extra forms to fill out or papers to sign.
First Citizens BancShares owns a total of four banks in three states, two of which operate under the name First Citizens Bank.
The lead bank in Raleigh has 291 offices serving 177 towns and cities in North Carolina.
In Virginia, First Citizens Bank has 13 offices in 12 towns and cities, mostly in Southside Virginia.
It operates in West Virginia under the names of Bank of Marlinton and the Bank of White Sulphur Springs, which together have four branches in four towns.
- Staff report
Region 4th in plant announcements
The Roanoke and New River valleys and Alleghany Highlands area had the fourth highest number of industrial plant announcements of the state's 18 planning regions during the April-June quarter, state officials said Friday.
Mid Continent Nail Corp. announced a new plant in Radford; Bacova Guild Ltd. said it will build a factory in Alleghany County; Tetra Second Nature said it would expand its Blacksburg site; and Pulaski County was the site of announcements by D&S Travel Services Inc. and Magnox Pulaski Inc.
The report is a barometer of economic activity, but not all of the news was good. Although the state report didn't mention it, Magnox's expansion was coupled with 40 layoffs among its 170 workers.
Communities in the southeast corner of the state, including Norfolk and Virginia Beach, saw 17 industrial announcements during the quarter, the most of any region. Statewide, 58 companies announced new or expanded facilities costing $370 million, and said they planned to hire 5,215 employees.
- Staff report
Bankruptcies
Six bankruptcies with business affiliations have been filed in the U.S. Bankruptcy Court for Western Virginia at Roanoke. All of them are personal bankruptcies that the court listed as businesses because they have commercial connections and could be of interest to business creditors and customers.
Gary W. Gillespie and Janice E. Gillespie of Copper Hill, operators of Catawba Cabinet Corp., filed for liquidation. They listed assets of $11,312 and liabilities of $50,163.
Ricky A. Mullins Sr. and Anita J. Mullins of Glade Spring filed for liquidation, estimating both assets and liabilities at less than $50,000. Ricky Mullins trades as Mullins Service Center and Weaver's Auto Parts.
Roger Douglas Sink and Margaret C. Sink of Roanoke filed for liquidation, with assets of $87,864 and liabilities of $135,303. Roger Sink does business as Southern Vinyl Supply Co., a Salem wholesaler of building products.
Mickey Lee Fair of Meadowview filed for liquidation, with assets of $13,625 and liabilities of $34,900. He operates Marlboro Construction Co., a masonry contractor.
Malcolm Glenn Thurston of Moneta, owner of Thurston Metals Inc. of Lynchburg, filed for liquidation, with assets of $25,400 and liabilities of $342,249.
Wanda Blevins of Pennington Gap, who does business as B&B Logging, filed under a special provision for reorganization of family farms. She had assets of $99,200 and liabilities of $102,980.
- Staff report
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