Roundup: PNC, Sallie Mae, WSB, CarMax

From staff and wire reports

*PNC Bank plans to open 41 branches and 180 ATMs in Giant Food stores in the District, Maryland, Virginia and Delaware next year. The companies said more branches and ATMs will be added during their 10-year agreement. The agreement comes several months after Chevy Chase Bank began closing 54 branches in Giant stores across the region after its 10-year contract with the supermarket expired.

*Sallie Mae chief executive Albert Lord said in a conference call today that despite government assistance, continued stress in the credit markets and the tough economy continue to weigh on the nation's largest student lender. "We are very anxious to see the (credit) markets reopen," Lord said. The federal government "has primed the pump and put a lot of money into circulation" but still Sallie Mae cannot meet all the demand for credit that exists, he said.

*WSB Holdings, the parent company of Washington Savings Bank, said James B. Hooper and Charles W. McPherson have been elected to its board of directors. Hooper is president of Waldorf-based Hooper & Associates, a property appraiser. McPherson is chief operating officer of LaPlata-based Facchina Group of Cos. and is a certified public accountant.
Bowie-based WSB also said Stephen Troese is retiring as a director.

*CarMax said its ability to line up financing for qualified customers is unchanged despite the weakening economy. The company said financing options are available through its own CarMax Auto Finance arm and third-party lenders, whom it identified as a group of leading financial institutions. Chief executive Tom Folliard said the outside lenders recently reaffirmed their willingness to provide more financing for the chain's customers.

By Terri Rupar  |  October 23, 2008; 4:12 PM ET  | Category:  Economy Watch , Roundup
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