FIRST UNION TO DOUBLE ITS COMMITMENT TO HILTON HEAD BY ACQUIRING BRANCHES OF NCNB
FIRST UNION TO DOUBLE ITS COMMITMENT TO HILTON HEAD BY
ACQUIRING BRANCHES OF NCNB
HILTON HEAD ISLAND, S.C., Nov. 13 /PRNewswire/ -- First Union National Bank of South Carolina has entered into an agreement with NCNB (NYSE: NCB) to acquire part of NCNB's Hilton Head operation. The acquisition is expected to more than double First Union's (NYSE: FTU FTUpr) presence in the attractive Hilton Head market.
"This purchase will enhance our franchise on Hilton Head and give us enough market presence to be a major competitive factor," said Sid Tate, chairman and chief executive officer of First Union National Bank of South Carolina. "It also underscores our commitment to serve the South Carolina market."
NCNB has agreed to divest the two banking offices, at 501 Pineland Mall and at 200 Main Street on Hilton Head Plantation, due to its pending merger with C&S/Sovran (NYSE: CVN) scheduled to be completed later this year. The acquisition of the two branches is subject to regulatory approval, a process which normally takes about 90 days, and to consummation of the NCNB-C&S/Sovran merger.
For the near term, customers of these branches should experience very little change, since the acquisition is not expected to be completed until the first quarter next year.
"We look forward to the employees and customers of these branches becoming part of the First Union family," said David Morrow, First Union's Hilton Head city executive. "We believe they will be pleased to be part of First Union, and because of the compatible product array between the two banks, we feel this is a win-win situation for all concerned.
"When the acquisition is completed, it will be 'business as usual' for customers," Morrow said. "Total customer satisfaction is a daily expectation for us, and we are committed to uninterrupted service for all of our customers."
First Union National Bank of South Carolina is based in Greenville and operates 54 banking offices in 32 communities across the state.
/CONTACT: Media Contact: Donna Stockton, First Union Corporation, 704-374-6999/
(FTU NCB CVN) CO: First Union Corporation; NCNB Corporation; First Union National
Bank of South Carolina ST: South Carolina IN: FIN SU: TNM DF -- CH005 -- 3946 11/13/91 12:30 EST