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NATIONSBANK LENDERS TO EXPEDITE LOAN APPLICATIONS IN HILLSBOROUGH FOR VICTIMS OF SUNDAY'S TORNADOES

 HILLSBOROUGH, N.C., Nov. 25 ~PRNewswire~ -- NationsBank (NYSE: NB) lenders will set up shop on U.S. 70 in Hillsborough today and Friday to expedite loan applications for people whose homes were damaged by tornadoes that ripped through Orange County Sunday night.
 These on-site lenders, at U.S. 70 and Faucette Mill Road, and extended hours at the NationsBank banking center in Hillsborough are just part of the aid NationsBank is offering to help Orange County residents get back on their feet.
 Denise Corey, senior vice president and senior banking executive for NationsBank in Orange County, said NationsBank is rolling out an Emergency Relief Loan Program, making donations to the local chapter of the American Red Cross and to the Hillsborough Volunteer Fire Department and offering debt relief for NationsBank customers. In addition, NationsBank employees in Orange County may take time off to volunteer for work in cleaning up storm damage, Corey said.
 "Our customers and the residents of Orange County are always there for us," Corey said. "At NationsBank, we want to be here to help -- no matter what.
 "And being here means being out of our banking center and in the Fairview neigborhood taking loan applications."
 It also means extended banking hours at the Hillsborough office, 113 N. Churton St., she added.
 NationsBank lenders will be at U.S. 70 and Faucette Mill Road, at the Hester Whitted and Daye Funeral Home, from 10 a.m. to 3 p.m. today and Friday, taking loan applications. Extended hours at the Hillsborough banking center will be 8 a.m. to 7 p.m., Monday, and by appointment through the end of next week.
 Kevin Tennyson, manager of the Hillsborough Banking Center, has the authority and the resources necessary to expedite requests by NationsBank customers and others through the Emergency Relief Loan Program, Corey said.
 The loans fall into two categories, she added. Short-term, or bridge, loans are available for those who want to expedite repair or restoration work on houses, cars and other property and who can prove they are covered by insurance.
 Mid- and long-term loans are available for those who have more time for repairs and who might not be insured or might be only partially covered.
 All loans in the Emergency Relief Loan Program are offered at favorable rates with relaxed underwriting criteria. Rates may vary according to the structure and terms of the agreement, Corey said. Loan applicants can expect an answer within 24 hours.
 Inquiries about the special loans should be made to Kevin Tennyson at 942-5183.
 "We also are offering debt relief to current NationsBank customers who were affected by the storms," Corey said. "We will defer payments on any debt a current customer has, including home and car loans, until February, as long as the customer is not behind in payments. Credit card deferment will be handled on a case-by-case basis. We hope this will help people get through the holidays more easily."
 NationsBank credit card customers affected by the tornadoes may call 1-800-626-1294 for assistance with their payments.
 Corey said NationsBank will make a $500 donation to the local chapter of the American Red Cross and a $1,500 donation to the Hillsborough Volunteer Fire Department to replace equipment damaged in Sunday's storms.
 "The Red Cross should be able to meet the needs of victims in this disaster and we want the Hillsborough Volunteer Fire Department to be able to meet any future needs," Corey said. "I hope these donations help."
 -0- 11~25~92
 ~CONTACT: Mary Waller, NationsBank, 704-386-5469~
 (NB)


CO: NationsBank Corporation ST: North Carolina IN: FIN SU:

CM -- CH002 -- 1459 11~25~92 10:55 EST
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Publication:PR Newswire
Date:Nov 25, 1992
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