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BANK SOUTH AND THE MERCHANT BANK ANNOUNCE DEFINITIVE AGREEMENT

 ATLANTA, Sept. 24 /PRNewswire/ -- Bank South Corporation (NASDAQ: BKSO) and The Merchant Bank announced today the execution of a definitive agreement to merge the two companies, and approval of that agreement by their respective boards of directors.
 The two companies announced the execution of a letter of intent on Sept. 9.
 The transaction remains subject to the approval of Merchant's shareholders and regulatory authorities.
 Bank South Corporation is a $4.6 billion banking company with 131 offices throughout Georgia and Pensacola, Fla. The Merchant Bank has $141 million in assets and 10 offices in metropolitan Atlanta. Both companies are based in Atlanta.
 Pursuant to the definitive agreement, Bank South will exchange $9.75 in Bank South stock for each share of Merchant Bank Corp., subject to some adjustments. The transaction is expected to be completed in the first quarter of 1994.
 -0- 9/24/93
 /CONTACT: Bo Spalding of Bank South, 404-529-4238, or Ron Freeman of Merchant Bank, 404-874-4000/
 (BKSO)


CO: Bank South Corporation; The Merchant Bank ST: Georgia IN: FIN SU: TNM

BN-DF -- AT012 -- 5573 09/24/93 17:00 EDT
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Publication:PR Newswire
Date:Sep 24, 1993
Words:182
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