Printer Friendly

BANK SOUTH, BARNETT COMPLETE TRANSACTION; BANK SOUTH STRENGTHENS COBB PRESENCE, ENTERS FAYETTE COUNTY

 ATLANTA, Dec. 3 /PRNewswire/ -- Bank South (NASDAQ: BKSO) announced today the closing of its transaction with Barnett Bank of Atlanta and Barnett Bank of Fayette County.
 Barnett's metro Atlanta offices will begin serving customers as Bank South on Monday, Dec. 6.
 "Metro Atlanta is our hometown and there is no better place to live and do business," said Patrick L. Flinn, Bank South chairman and chief executive officer. "Strengthening our franchise here is important to us, and this transaction accomplishes that goal extremely well."
 This weekend, all Barnett customer accounts will be converted to Bank South accounts, and all signs and merchandising materials will be changed. (Until Monday, Dec. 6, Barnett customers should continue to use Barnett branches, and Bank South customers should continue using Bank South branches.)
 The number of Bank South branches in metro Atlanta will increase from 81 to 94. Thirty-six of those branches will be open seven days a week until 8 p.m. inside Kroger stores.
 Bank South's presence in Cobb County will be most dramatically affected, with the number of branches increasing from 12 to 22, and the number of automatic teller machines increasing from 40 to 53, more than any other bank. Eight of the Cobb branches will be inside Kroger stores. Also, Bank South will establish a presence for the first time in Fayette County.
 "Our combination of hours, locations and electronic banking will make us without any question the most convenient bank in Cobb County and throughout metro Atlanta," said Lee Sessions, head of Consumer, Investment Management and Trust Banking. "Every financial service -- mortgage, credit investment, business and consumer banking services -- will be easily accessible to every customer through our InStore branches, traditional banking and Tele-Services. Our commitment is to make our customers' lives easier by simplifying their financial activities."
 Bank South and Barnett announced earlier this year a definitive agreement whereby Bank South would receive Barnett Bank of Atlanta and Barnett Bank of Fayette County, which have combined assets of $840 million. Barnett will receive Citizens and Peoples National Bank of Pensacola (C&P), cash and Bank South stock. C&P has assets of $422 million.
 In Georgia, Cobb and Fayette counties rank number one and two, respectively, in per capita income. Cobb ranks third statewide in total number of households and number of businesses.
 Bank South anticipates continued expansion of its metro Atlanta franchise through mergers currently pending with Chattahoochee Bancorp and The Merchant Bank. Chattahoochee has $251 million in assets and six offices, and The Merchant Bank has $141 million in assets and 10 offices.
 Bank South Corporation is a $5.5 billion bank holding company that provides financial services to consumers and businesses throughout Georgia.
 -0- 12/3/93
 /CONTACT: Bo Spalding of Bank South, 404-529-4238/
 (BKSO)


CO: Bank South Corporation; Barnett Bank of Atlanta; Barnett Bank of
 Fayette County ST: Georgia IN: FIN SU: TNM


BR-TG -- AT007 -- 0336 12/03/93 15:48 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 3, 1993
Words:488
Previous Article:CELESTIAL SEASONINGS REPORTS 31 PERCENT INCREASE IN FIRST QUARTER EARNINGS
Next Article:AT&T INTRODUCES USADIRECT(R) SERVICE FROM CANADA
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters