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SOUTHEAST SWITCH TO EXPAND ATM AND DEBIT PROCESSING BUSINESS

 MAITLAND, Fla., Sept. 27 /PRNewswire/ -- Southeast Switch Inc. today announced plans to purchase Wachovia Corporation's (NYSE: WB) client automated teller machine and debit card processing services. The services currently are offered by Wachovia's South Carolina bank to more than 150 financial institutions. The transaction is expected to be complete by year-end.
 Southeast Switch manages and operates the HONOR Network, which processes more than 17 million ATM and point-of-sale transactions each month through its Maitland data center. The company is owned by 27 banks, credit unions and thrifts. Wachovia is a major shareholder and is represented on the Southeast Switch board.
 "The acquisition of Wachovia's client electronic processing services is an important growth step for Southeast Switch," said T.O. Bennion, president and chief executive officer of Southeast Switch. "This move is representative of our long-term strategy and introduces a new line of business which will give us early momentum in ATM and debit card processing."
 George S. King, who has managed the ATM and debit processing services since their formation at South Carolina National Bank 10 years ago, will join Southeast Switch. He and his staff will continue to provide administrative management and support from Columbia.
 "Southeast Switch has committed significant resources to research and development activities to ensure the highest quality electronic funds transfer products in the marketplace," King said. "We are excited about joining forces with this highly respected network."
 W. Doug King, executive in charge of Retail Support Services for Wachovia Corporation, said, "The primary business of the Southeast Switch will be to provide ATM and debit card processing services, switching services and related products to financial institutions. This alliance should result in even more competively priced products and services for financial institutions across a broader geographical base."
 "Wachovia and South Carolina National are well known and respected throughout the nation," Bennion said. "The well-established and successful business relationships being gained, combined with the expertise of the staff, will provide Southeast Switch an excellent springboard into national markets. This is a truly win-win situation for all parties."
 Southeast Switch offers an array of electronic funds transfer services, including ATM and POS terminal driving and card personalization services. The company's HONOR Network serves more than 21.5 million cardholders and 1,000 member financial institutions in 13 Southeastern states. With more than 8,900 ATMs and 10,700 POS terminals, it is one of the largest regional EFT networks in the country.
 Wachovia Corporation is a major interstate bank holding company. Its member banks are South Carolina National Bank, Wachovia Bank of Georgia and Wachovia Bank of North Carolina.
 -0- 9/27/93
 /CONTACT: Truman Hester of Southeast Switch, 407-875-2500, or Nancy P. Lovelace of Wachovia Corporation, 919-770-5696/
 (WB)


CO: Southeast Switch Inc.; Wachovia Corporation ST: Florida, North Carolina IN: FIN SU:

CM -- CH002 -- 5811 09/27/93 09:08 EDT
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Publication:PR Newswire
Date:Sep 27, 1993
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