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BANK SOUTH, RELIANCE TRUST COMPANY FORM ALLIANCE TO SERVE CORPORATE TRUST CUSTOMERS

 ATLANTA, Sept. 16 /PRNewswire/ -- Bank South (NASDAQ: BKSO) and Reliance Trust Company have formed an alliance to manage corporate trust services for Bank South's existing and future clients.
 Under terms of the agreement effective Sept. 15, Reliance will serve Bank South's corporate trust line of business, which currently services $3.4 billion in corporate and municipal bonds. Reliance will provide certain operational and systems support, technical and administrative guidance, and sales and marketing support to Bank South for its corporate and municipal bond business.
 Reliance is an Atlanta-based, state-chartered trust company with $350 million in assets. The only independent trust company in Georgia, Reliance conducts business in all 50 states and offers a full array of investment and financial services for individuals, corporations, institutions, governmental units, as well as other banks, principally community banks.
 Bank South is an Atlanta-based, $4.6 billion-asset bank holding company with 131 banking offices throughout Georgia and Pensacola, Fla.
 "This alliance allows two Georgia companies, Bank South and Reliance, to combine their skills and expand Bank South's services to its corporate and municipal clients in Georgia," said Kenneth J. Phelps, chairman and CEO of Reliance. "Concurrently, the alliance will provide issuers of corporate and municipal bonds access to the significant experience of Reliance's principals, as well as access to leading edge technology -- a dedicated system for public and private bond issues," Phelps said.
 Under the new alliance, Bank South and Reliance will serve as trustee of secured and unsecured debt securities; function as paying agent for principal and interest to securities holders; transfer and record transfers of ownership of registered securities; provide tax reporting; manage investment portfolios associated with financing; and serve the needs of the issuer and its securities holders with respect to issues administered.
 Bank South's corporate trust accounts will be supported by Reliance and Bank South. Bank South's clients will experience no change in account managers. In addition to tapping into Reliance's expertise, Bank South's corporate trust clients will benefit from Reliance's extensive systems technology, as Bank South's corporate trust line can be easily absorbed into Reliance's system.
 "Working together, Bank South and Reliance will have a level of experience unmatched by any organization in the state, and few nationally," said J. Blake Young Jr., executive vice president and head of Investment Management and Trust Services for Bank South. "This is a strategic business move for Bank South; the alliance will help us grow and prosper in the corporate trust business by ensuring that we provide unsurpassed service to our corporate and governmental clients," he said.
 Said Phelps, "The enhanced level of service to Bank South clients and markets will be welcomed and will immediately bring Bank South to the forefront, allowing it to compete not only in Georgia but nationally."
 The principals at Reliance -- Phelps, James Maxwell, Anthony Guthrie and Dan Davis -- made up the core team that developed and grew the corporate trust business at the former C&S/Sovran Trust Company to the largest in Georgia and the South and among the largest in the country.
 That team was involved in creating numerous financing techniques including: the first collateralized mortgage obligation; one of the first leveraged lease financings for aircraft and other capital intensive assets; floating rate issues; nuclear fuel financing; securitized loans and other assets; transportation systems; utility financings involving mixed private and public facilities; and the first variable rate demand note, among others.
 -0- 9/16/93
 /CONTACT: Kathy Cosgrove or Kristin Chapman of CHD Public Relations, 404-892-4505, for Bank South; or Bo Spalding of Bank South, 404-529-4238/
 (BKSO)


CO: Bank South Corporation; Reliance Trust Company ST: Georgia IN: FIN SU:

BR-RA -- AT003 -- 2592 09/16/93 10:02 EDT
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Publication:PR Newswire
Date:Sep 16, 1993
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