Nationsbank

NationsBank Corp. and a Virginia company announced yesterday that they have jointly created a consumer card that will reward consumers for purchases made with a select group of U.S. retail companies.The Baltimore-Washington market was one of three metropolitan areas where the save-as-you-spend card, known as START, began its test-marketing yesterday. The other markets are Columbia, S.C., and Houston.NationsBank has 19 branches in the Baltimore area, said Ellison Clary, a NationsBank spokesman.

NationsBank Corp. and the state of Maryland announced a new marketing program yesterday aimed at getting financing to small and minority contractors who do business with the state.The program, tried in pilot form last month, is intended to direct small and minority businesses to a source of financing for contracts awarded by the state Department of General Services.The program is available for any business with annual revenues up to $5 million that has been awarded a primary contract or subcontract from the department.

NationsBank Corp., which has kept mum about its branch closing plans, inadvertently let some information slip when it filed notice with federal regulators of its intention to close seven Maryland branches.A weekly bulletin issued by the federal Office of the Comptroller of the Currency lists NationsBank's advance notice that it will close branches in the Baltimore area, the Eastern Shore and the Washington area. Those branches will close no sooner than 90 days from now, probably closer to 120 days, NationsBank spokesman Daniel Finney said.

NEW YORK -- Three former NationsBank Corp. brokers in Florida have filed an arbitration claim against the company's brokerage units, alleging use of misleading sales practices.The three allege they were forced out of their jobs after objecting to the sales practices, which they say deceptively touted securities as safer bank products. They are seeking a total of $560 million in damages on their claims.Charlotte, N.C.-based NationsBank, the fifth-biggest bank company in the country, didn't respond to a request for comment yesterday.

Top executives of NationsBank Corp. came to Baltimore yesterday, armed with charts, graphs and statistics, all aimed at proving two main points: that the Charlotte, N.C.-based banking company, soon to be Maryland's largest, is good for stockholders and good for the community.The company held a breakfast meeting at the Cross Keys Inn to present the 1992 results of its community investment programs in the Baltimore area and Maryland. The presentation to civic activists was part of a 29-city tour, called Report to Communities, that the company launched this month to review its community lending programs in most of its larger markets.

CHARLOTTE, N.C. -- NationsBank is the first bank to request new powers under an expanded regulation of the Office of the Comptroller of the Currency.The Charlotte bank's two applications last week will be the first test of a revised OCC rule that allows banks, on a case-by-case basis, to do things that previously were forbidden.Some bankers have speculated that the comptroller's office, which regulates national banks, eventually could approve applications by banks to underwrite insurance and securities.

Generally meeting Wall Street's expectations, NationsBank Corp. of Charlotte, N.C., reported sharply higher first-quarter earnings yesterday.The results were clouded, however, by significant one-time events that did not reflect the company's core operations. The current period included a large gain from an accounting change, while the year-ago quarter included an equally large gain from the sale of securities.For the three months ended March 31, the company said it earned $481 million, or $1.89 a share, compared with $310 million, or $1.28 a share.

NationsBank Corp. unveiled yesterday a personal computer banking service that allows its customers to pay their bills, transfer money between funds and check stock quotes from their home computers.The service, called NationsBank PC Banking, should be available to customers in the Baltimore and Washington area by fall, company officials said yesterday.Fees for the service vary from region-to-region, and NationsBank did not have specific charges for the Baltimore/Washington area, but a spokesman said they will be similar to those in North Carolina and South Carolina.

CHARLOTTE, N.C. -- NationsBank Corp. said yesterday it will probably buy at least 25 percent of Gartmore PLC, taking advantage of Banque Indosuez's decision to sell its 75 percent stake in the London-based investment management firm.NationsBank is a 50-50 joint-venture partner of Gartmore in the ownership of Nations Gartmore, which combines Gartmore's international asset management capabilities with NationsBank's ability to target U.S. customers.When it formed the joint venture earlier this year, NationsBank took an option to buy up to 25 percent of Gartmore if Banque Indosuez sold its controlling stake.