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SOUTHERN NATIONAL ACQUIRES PINEHURST S&L

 SOUTHERN NATIONAL ACQUIRES PINEHURST S&L
 LUMBERTON, N.C., May 22 /PRNewswire/ -- Southern National


Corporation (NYSE: SNB) announced today that it is acquiring the loans and deposits of First Security Federal Savings Bank ("1st Security"), formerly known as First Security Savings and Loan Association of Pinehurst. 1st Security, a financially-sound thrift, was placed under government control after its parent company - First Federal Savings Association of Raleigh - was declared insolvent.
 The acquisition of 1st Security, a profitable and stable S&L with approximately $60 million in assets, will increase Southern National's presence in the three markets where 1st Security is located: Southern Pines, Pinehurst and Aberdeen.
 "We have a tremendous opportunity to develop banking relationships with customers who already exist in the communities we serve," said Southern National Chairman Glenn Orr.
 The 1st Security location at 205 Knight Street in Aberdeen will open as Southern National on Tuesday, May 26 and give the town its second Southern National branch, bank officials said. The addition of the 1st Security office brings to four the number of Southern National branches in the Sandhills Region.
 1st Security offices that will close are located at 580 S.W. Broad St. in Southern Pines, and Chinquapin Rd. and 110 Applecross Rd. in Pinehurst. However, customers of these offices may transact business at Southern National's existing offices in Southern Pines, Pinehurst and Aberdeen.
 "I want the former customers of 1st Security to know that their money is safe and that we will do everything we can to make this transition as easy on them as possible," said Orr. "We are guaranteeing present interest rates on all time deposits until maturity."
 Although customers will have the right to withdraw their deposits, Orr expects most will leave their money with Southern National, "primarily because the rates that we are honoring are currently above market rate."
 -0- 5/22/92
 /CONTACT: Bob Denham, Public Relations, 919-671-2427, or (Home) 919-671-1874, or James F. Byrne, 919-671-2284, both of Southern National Corporation -- both contacts can be reached after 6:30 p.m. by calling the Southern National Bank information center at 919-618-4000/
 (SNB) CO: Southern National Corporation; First Security Federal Savings
 Bank ST: North Carolina IN: FIN SU: TNM


CM -- CH009 -- 3500 05/22/92 18:02 EDT
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Publication:PR Newswire
Date:May 22, 1992
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