AMSOUTH BANK N.A. PURCHASES CERTAIN ASSETS OF JEFFERSON FEDERAL SAVINGS AND LOAN ASSOCIATION, F.A.
AMSOUTH BANK N.A. PURCHASES CERTAIN ASSETS OF JEFFERSON FEDERAL SAVINGS AND LOAN ASSOCIATION, F.A. BIRMINGHAM, Ala., March 13 /PRNewswire/ -- AmSouth Bank N.A. has purchased the deposits, savings-secured loans and certain other assets of the 12 Birmingham offices of Jefferson Federal Savings and Loan Association, F.A., from the Resolution Trust Corporation (RTC). Jefferson Federal was placed in conservatorship by the RTC in March 1991. AmSouth's purchase is limited to accounts at all former Jefferson Federal offices in the greater Birmingham area, including Leeds and Montevallo, and does not include Jefferson Federal offices in other areas of the state. The deposits and savings-secured loans at 10 Birmingham-area Jefferson Federal offices have been transferred to nearby AmSouth offices. As a result, former Birmingham-area Jefferson Federal customers can access their accounts at any of the following AmSouth locations beginning Monday, March 16: AmSouth Offices Available March 16 To All Former Birmingham-Area Jefferson Federal Customers John A. Hand Office (Downtown) Homewood Office Five Points West Office Leeds Office Crestline Office West Lake Office Valley Road Office Hoover Office Inverness Office Green Springs Office In addition to these locations, Jefferson Federal offices in Roebuck and Montevallo will remain available to former Jefferson Federal customers and will be converted into full-service AmSouth branch banks in the near future. Once the transitions are completed, the new AmSouth customers can conduct business at any AmSouth Bank N.A. office in Alabama. AmSouth also has purchased from the RTC Jefferson Federal's automated teller machines at Eastwood Mall and the Galleria. These ATMs will continue to be available to all customers who have access to the ALERT ATM network. AmSouth's transaction with the RTC involves more than $235 million in deposits and approximately $2 million in savings-secured loans. All of Jefferson Federal's Individual Retirement Accounts statewide are included in the deposit total since all IRAs were carried on the books of Jefferson Federal's former main office in Birmingham. In making today's announcements, A. Fox deFuniak III, senior executive vice president and AmSouth's Birmingham city president, said, "We welcome the opportunity to serve these Jefferson Federal customers, and we are making every effort to assure the transition is as smooth as possible for all concerned." A special teller window has been designated at each of the 10 listed AmSouth offices for the exclusive use of former Jefferson Federal customers, according to deFuniak. In addition, these customers can call AmSouth's Customer Information Center in Birmingham at 205-326-5555 for answers to any questions. "Our new customers can continue to use their existing checks and deposit slips, and their deposits are insured up to $100,000, according to FDIC regulations," deFuniak added. AmSouth Chairman and Chief Executive Officer John W. Woods said, "We are delighted to strengthen our share of the vital Birmingham- area market and look forward to providing our new customers with the benefits of AmSouth's extensive statewide and regional banking capabilities in the near future." AmSouth Bancorporation (NYSE: ASO), headquartered in Birmingham, reported year-end 1991 assets of $9.5 billion. The company presently operates 154 banking offices throughout Alabama, of which 47 are located in the greater Birmingham area, 23 banking offices in northwest Florida, and three in the Nashville area of Tennessee. Bank-related affiliates include AmSouth Mortgage Company, Inc., with 15 offices in eight Southeastern states. -0- 3/13/92 /CONTACT: Jim Underwood of AmSouth Bancorporation, 205-326-5184/ (ASO) CO: AmSouth Bank N.A.; Jefferson Federal Savings and Loan Association, F.A.; Resolution Trust Corporation ST: Alabama IN: FIN SU: TNM
BR-BN -- AT005 -- 8023 03/13/92 20:00 EST
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|Date:||Mar 13, 1992|
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