Some of HomeTown's original 2,138 investors turned out Friday to open accounts.

By William S. Clark
(540) 345-6000
HomeTown Bank, President & CEO


HomeTown Bank has received regulatory approvals from the Virginia State Corporation Commission and from the Federal Reserve Board.

The State Corporation Commission has issued an Order Granting Authority to Open for Business and the Federal Reserve Board has approved the Bank’s application for membership in the Federal Reserve System. Approval of the Bank’s application for insurance on deposits is expected from the Federal Deposit Insurance Corporation within the next several days.

These approvals clear the way for proceeding with final preparations for opening, according to William S. Clark, President and Chief Executive Officer of HomeTown Bank. “We have assembled an outstanding staff and we are heavily engaging in training and establishing the policies and systems to provide the community with an exceptional local community bank.” He added, “The services and products we will offer will be unparalleled in the Roanoke community. We will offer extended banking hours for the convenience of our customers and we will introduce to the market a level of operational sophistication which has not been seen before, such as real-time crediting of deposits and advanced internet banking.”

Clark went on to say that the Bank’s goal is to provide personalized local services and decision-making as only a community bank can and, at the same time, offer its customers the very latest technology, both from the standpoint of the Bank’s backroom operations and from the customers’ hands-on access to their accounts on-line. “We plan to give our customers the best of both worlds – personalized local service and the most advanced technology when it comes to on-line banking and Check 21 applications.”

The Bank will open for business in mid-November at its headquarters location at the corner of Jefferson and Campbell in downtown Roanoke. The Bank is developing other locations to be opened next year.

Details of HomeTown Bank’s grand opening will be announced in early November.

HomeTown Bank’s stock offering for a maximum of $25 million was over-subscribed. The offering closed at the end of May. The subscribers have until Monday, October 10, to make the final payments for their stock. The escrow into which all proceeds from the sale of stock is held will be transferred to the Bank on its opening day.