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EAST COAST MEMBERS APPROVE CONVERSION/MERGER WITH SOUTHERN NATIONAL

 GOLDSBORO, N.C., Sept. 24 /PRNewswire/ -- Members of East Coast Savings Bank, S.S.B. of Goldsboro today voted overwhelmingly in favor of converting the mutual thrift to a stock state savings bank while simultaneously merging with Southern National Corporation (NYSE: SNB), a $5.2 billion multi-bank holding company. East Coast Chairman Troy W. Pate, Jr., reported that 79 percent of the votes eligible to be cast were voted in favor of the conversion/merger of East Coast.
 Southern National, which has received all preliminary regulatory approvals, expects to complete the merger with East Coast on Oct. 7. Bank officials said that the subscription period for purchasing Southern National stock was successfully completed Thursday, Sept. 23.
 "We are looking forward to East Coast joining our team; East Coast is a tremendously customer-oriented organization that will make us more customer-driven in the markets where they have had a strong history of service," said Southern National Chairman Glenn Orr.
 Southern National announced its intentions to merge with East Coast in March this year. The merger of East Coast, with $275 million in assets, will substantially increase Southern National's market share in Fayetteville, Goldsboro and Clinton and provide Southern National entry into four new markets: Fremont, Newton Grove, Princeton and Roseboro.
 The acquisition will increase Southern National's branch network to 143 offices in 71 cities and communities in North Carolina. The transaction will also improve Southern National's market share to 19% in Fayetteville where the bank is already 1st in ranking. Its ranking in Goldsboro will improve from 5th to 2nd with approximately 21 percent of the market. In Clinton, Southern National will improve from 5th to 2nd in market share.
 -0- 9/24/93
 /CONTACT: Bob Denham, Public Relations, 919-773-7363, or John R. Spruill, Chief Financial Officer, 919-773-7221, both of Southern National, or Troy W. Pate Jr., Chairman and CEO of East Coast Savings, 919-734-2064/
 (SNB)


CO: Southern National Corporation; East Coast Savings Bank, S.S.B. ST: North Carolina IN: FIN SU: TNM

CM -- CH006 -- 5429 09/24/93 12:37 EDT
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Publication:PR Newswire
Date:Sep 24, 1993
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