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NATIONSBANK AND NAACP OPEN VIRGINIA NAACP COMMUNITY DEVELOPMENT RESOURCE CENTER

 RICHMOND, Va., Nov. 23 ~PRNewswire~ -- NationsBank Corporation (NYSE: NB) and the NAACP have opened the Virginia NAACP Community Development Resource Center, one of six pilot centers across the nation the organizations will operate to promote community development lending.
 Services offered by the center, located at the corner of Broad and Adams streets in Richmond, will focus on providing education and other resources to Virginia consumers and entrepreneurs seeking capital.
 "We want to encourage home ownership," said Randolph McElroy, president of NationsBank of Virginia. "We want to make capital available to the small business man or woman; and educate the young, early on, in the basics of financial responsibility and sound planning.
 "These centers help us identify people who historically have been under-served or left on the sidelines of economic progress," said McElroy. "NationsBank is committed to serving all of its communities and we cannot accomplish our goals without tremendous support. The NAACP -- which staffs these centers -- provides the experience, support and community outreach needed for success."
 Earl Shinhoster, regional director of the NAACP, said: "The NAACP extends its hand and experience to NationsBank in our mutual objectives of better serving all of the people in our communities. This partnership should be viewed as a vital link between the NAACP's vast community network and the NationsBank commitment to community development."
 NationsBank has committed $1.1 million to fund the Resource Centers for three years. The other centers are in Charlotte, N.C.; Columbia, S.C.; and Austin, Texas. Centers in Atlanta and Florida will open soon.
 Initiatives directed out of the centers include economic development, business development outreach, public~private partnerships, affordable housing and consumer lending. Consumer and business education and counseling, economic development advocacy and technical assistance in the areas of needs assessment, product development, marketing, lending practices, strategic planning and product and service delivery also will be emphasized.
 Craig McLaurin is education and counseling director of the Richmond center. Beverley Coleman is the business development director and Sherry Burton is the administrative secretary.
 "These individuals are poised to have an impact in Virginia," McElroy said. "They are key to our making a difference in this community. We are excited about this program and, with our teammates at the NAACP, we will do what it takes to help make this program a success."
 The NAACP Community Development Resource Center is located at 101 West Broad St., Richmond, VA 23220. The telephone number is 804-648-1825. Office hours are 8:30 a.m. to 5 p.m. Monday through Friday.
 NationsBank is the fourth-largest bank holding company in the United States with $118 billion in assets and full-service banking centers in nine states and the District of Columbia.
 -0- 11~23~92
 ~EDITOR'S NOTE: Members of the media are invited to a Grand Opening reception today at the Community Development Resource Center, 101 West Broad St., beginning at 4:30 p.m. A ribbon-cutting ceremony will take place at approximately 5 p.m. Speakers will include Earl Shinhoster, Sen. Henry Marsh, Attorney General Mary Sue Terry and Randy McElroy.~
 ~CONTACT: Missy Ryan, 804-788-6939, or Betty M. Schoenbaechler, 404-607-5226, both of NationsBank~
 (NB)


CO: NationsBank Corporation; National Association of the Advancement
 of Colored People ST: Virginia IN: FIN SU:


BR-EA -- AT007 -- 0465 11~23~92 11:27 EST
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Publication:PR Newswire
Date:Nov 23, 1992
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