Printer Friendly

NATIONSBANK TO CONVERT RICHMOND PRINTING OPERATION INTO INDEPENDENT, MINORITY-OWNED BUSINESS

 NATIONSBANK TO CONVERT RICHMOND PRINTING OPERATION
 INTO INDEPENDENT, MINORITY-OWNED BUSINESS
 RICHMOND, Va., Sept. 2 /PRNewswire/ -- NationsBank (NYSE: NB) announced today it is converting its company-owned printing operation here into an independent, minority-owned business.
 The new company, which has not yet been named, will begin operating by Jan. 1, 1993.
 As part of a unique arrangement that is the first of its kind in the country, NationsBank will transfer approximately $470,000 in equipment and all other assets of its printing operation into the new company. All 17 NationsBank employees who work at the printing operation will be offered jobs in the new company.
 "NationsBank is committed to generating new businesses owned by minorities," said Randy McElroy, president of NationsBank/Virginia. "We saw an opportunity to do something unique in Virginia to make that commitment a reality, and we expect this company to thrive throughout our state."
 James Palermo, a group executive vice president for NationsBank Services Company, a subsidiary of NationsBank Corporation, headed a task force that organized the Richmond program.
 "NationsBank will continue to put together similar programs that benefit minorities throughout the nine states and District of Columbia where we operate," Palermo said. "Starting and nurturing minority-owned businesses is a major component in the economic development of our communities."
 Because the new company will continue to provide much of the printing needs of NationsBank, it automatically will become one of the largest minority-owned printing companies in Virginia. The new company initially will receive $2 million in annual revenues by servicing NationsBank nationally.
 During its first year, this new company will begin hiring sales representatives to market its services to other potential customers. The new company plans to augment its NationsBank business by selling printing services to large corporations, distributors, retailers, governments and other banks.
 The principal owner of the new company will be announced soon. NationsBank is involved in an extensive search to find the right executive, and is being aided in the selection process by the Minority Business Development Center and other minority organizations in Richmond and District of Columbia.
 The Richmond project is one of several programs that are part of the NationsBank commitment to community development. NationsBank pledged last year to make $10 billion in community development loans during the next 10 years. Programs such as the Richmond project are economic development tools that complement the community development loan program.
 NationsBank is the fourth-largest banking company in the United States with $111 billion in assets and more than 1,800 banking offices in nine states and the District of Columbia.
 -0- 9/2/92
 /CONTACT: Scott Scredon, 404-607-5225, or Ellison Clary, 704-386-8633, both of NationsBank/
 (NB) CO: NationsBank Corporation ST: Virginia, District of Columbia IN: FIN SU: PDT


BR-BN -- AT015 -- 6017 09/02/92 15:11 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 2, 1992
Words:462
Previous Article:CATERPILLAR MODIFIES FINAL CONTRACT OFFER TO SPAN SIX-YEAR PERIOD, EXTENDS CONTRACT BENEFITS
Next Article:PENNSYLVANIA ATTORNEY GENERAL: SOME 56,000 PENNSYLVANIA CONSUMERS WHO PURCHASED CERTAIN SEARS AUTO SERVICES ELIGIBLE TO RECEIVE $50 COUPON
Topics:


Related Articles
CONSOLIDATION OF NATIONSBANK RESIDENTIAL MORTGAGE SERVICING PROCESSING ACTIVITIES, AND THE PLANNED SALE OF MORTGAGE SERVICING UNIT ANNOUNCED
NATIONSBANK TO HOLD FORUM FOR LAW FIRMS OWNED BY MINORITIES AND WOMEN
NATIONSBANK LAUNCHES ADVERTISING CAMPAIGN TO PROMOTE $10 BILLION COMMUNITY DEVELOPMENT LOAN PROGRAM
NATIONSBANK RELEASES FEDERAL HMDA INFORMATION CONCERNING 1991 RESIDENTIAL MORTGAGE MINORITY LENDING PERFORMANCE
NATIONSBANK, NAACP TO OPEN SIXTH COMMUNITY DEVELOPMENT RESOURCE CENTER IN FT. LAUDERDALE
NATIONSBANK TO HOST OPEN HOUSE TO WELCOME MINORITY BUSINESS -- CONTINUUM INC. -- TO HIGH POINT
NATIONSBANK OPENS NEW BANKING CENTER AT CASCADE
SMALL BUSINESS RESOURCE CENTER CREATED
NATIONSBANK BRINGS GYMNASTICS TRIALS TO RICHMOND, VA.
GRAND OPENING OF THE NORTH CAROLINA SMALL BUSINESS RESOURCE CENTER

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters