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SOUTHTRUST ANNOUNCES RECORD THIRD QUARTER FINANCIAL RESULTS

 BIRMINGHAM, Ala., Oct. 11 /PRNewswire/ -- SouthTrust Corporation (NASDAQ-NMS: SOTR) announced record third quarter financial results today, according to Wallace D. Malone Jr., chairman and chief executive officer of the corporation.
 Earnings for the corporation continued to increase, with SouthTrust reporting net income of $39.1 million for the third quarter of 1993. This represents a 34 percent increase over the $29.1 million earned in the third quarter of 1992. It also represents an annualized return of 16.0 percent on average stockholders' equity and 1.12 percent return on average assets. SouthTrust's net income per share was $0.50 for the third quarter of 1993 vs. $0.42 for the third quarter of 1992, an increase of 19 percent.
 For the nine months ended Sept. 30, net income was $111.2 million, the highest nine-month earnings figure ever reported for the corporation. This compared to $82.4 million in earnings reported for the nine months ended Sept. 30, 1992. Net income per share increased to $1.44 in 1993 vs. $1.22 in 1992, an increase of 18 percent.
 "SouthTrust's excellent earnings growth resulted from a significant increase in net interest income, good growth in revenues from services and continued strong control of expenses," Malone said. "SouthTrust's efficiency ratio, which measures overhead and also reflects our strong performance in all these areas, has improved this quarter to 59.4 percent from the 1992 year-end level of 62.2 percent.
 "The performance for the current quarter, as well as last year is excellent when compared to our peers, and it continues to improve," Malone added.
 Assets of the corporation also showed significant growth. At Sept. 30, consolidated assets reached $14.2 billion, a 22 percent increase over the $11.6 billion in assets at Sept. 30, 1992. Loans increased by 32 percent, to $8.9 billion from $6.7 billion while deposits grew by 18 percent, to $10.9 billion from $9.2 billion.
 Stockholders' equity increased 25 percent as of Sept. 30, to $990 million from the $791 million as reported on Sept. 30, 1992. Stockholders' equity was 7.0 percent of total assets at Sept. 30. Estimated Tier 1 and total risk-based capital ratios of 8.89 percent and 12.93 percent continued to exceed bank regulatory guidelines for well-capitalized banks.
 "SouthTrust has reported excellent third quarter results, particularly in the key areas of net income and return on equity," Malone said. "We are delighted that our performance has been recognized in several national publications, most recently in America's Finest Companies listing of Earnings and Dividend Champs. This list is compiled from companies that recorded at least 10 consecutive years of higher earnings per share through 1992 and have paid higher cash dividends every year since 1982. Less than 1/2-percent of all publicly traded companies in the nation were so recognized this year."
 SouthTrust Corporation common stock is traded on the national over- the-counter market under the NASDAQ symbol SOTR.
 SouthTrust Corporation operates more than 380 offices in Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee. The company offers a complete line of banking and related financial services to commercial and retail customers.
 SOUTHTRUST CORPORATION
 Financial Highlights
 (Dollars in thousands, except for per share amounts)
 3 mos. ended Sept. 30 1993 1992 Pct. chg.
 Net income $39,071 $29,112 34
 Net income per share $ 0.50 $ 0.42 19
 Cash dividends $ 0.15 $ 0.13 15
 Avg. shares outstanding (000) 78,198 69,314 13
 9 mos. ended Sept. 30 1993 1992 Pct. chg.
 Net income $111,155 $82,359 35
 Net income per share $ 1.44 $ 1.22 18
 Cash dividends $ 0.45 $ 0.39 15
 Avg. shares outstanding (000) 77,406 67,643 14
 Ending Balances
 At Sept. 30 1993 1992 Pct. chg.
 Total assets $14,164,289 $11,603,378 22
 Earning assets $13,025,537 $10,533,531 24
 Deposits $10,917,110 $ 9,247,307 18
 Loans $ 8,878,314 $ 6,726,196 32
 Stockholders' equity $ 989,949 $ 791,197 25
 Book value per share $ 12.70 $ 11.19 13
 Average Balances
 3 mos. ended Sept. 30 1993 1992 Pct. chg.
 Total assets $13,837,591 $11,248,999 23
 Earning assets $12,750,011 $10,287,027 24
 Deposits $10,859,720 $ 9,238,315 18
 Loans $ 8,581,854 $ 6,590,642 30
 Stockholders' equity $ 969,230 $ 744,482 30
 9 mos. ended Sept. 30 1993 1992 Pct. chg.
 Total assets $13,426,268 $10,726,811 25
 Earning assets $12,362,257 $ 9,814,860 26
 Deposits $10,626,434 $ 8,816,390 21
 Loans $ 8,205,009 $ 6,287,986 30
 Stockholders' equity $ 931,283 $ 700,219 33
 -0- 10/11/93
 /CONTACT: Aubrey D. Barnard of SouthTrust, 205-254-5509/
 (SOTR)


CO: SouthTrust Corporation ST: Alabama IN: FIN SU: ERN

BR-RA -- AT001 -- 0567 10/11/93 09:12 EDT
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Date:Oct 11, 1993
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