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 GREENVILLE, S.C., Nov. 9 /PRNewswire/ -- Carolina First Corporation (NASDAQ-NMS: CAFC) and Republic National Bank, a subsidiary of Resource Bancshares, Inc., announced an agreement under which Carolina First will acquire seven branches from Republic National Bank. The branches have deposits of approximately $120 million and loans of approximately $40 million. All seven branches are located in South Carolina with two in Marlboro County, two in Edgefield County, two in Richland County, and one in Florence County. The acquisition, which is subject to regulatory approval, is expected to be completed by March 1994.
 Mack I. Whittle Jr., president and chief executive officer of Carolina First Corporation, commented: "We are pleased to be continuing our expansion throughout South Carolina. Through the acquisition of the seven Republic National Bank branches, we will introduce the Carolina First brand of banking to five new communities in three counties. We are excited about extending our high quality, personalized service to customers in these markets."
 Whittle continued: "We plan to consolidate Republic's Columbia Main Office branch with our recently opened Columbia Main Office branch, due to the proximity of the offices. The other six Republic branch offices will remain open, and the Republic employees at these branches will become Carolina First employees. We will also work diligently to find employment at Carolina First for the employees of Republic's Main Office branch in Columbia. With the opening of our regional headquarters and Main Office branch in Columbia, Carolina First has created over 150 jobs in Columbia this year. We have plans for additional employment opportunities as Carolina First continues to attract new customers and offer additional services in Columbia."
 "This announcement further demonstrates Carolina First's commitment toward the continued growth in the Columbia business community and across South Carolina," said Mayor Bob Coble, City of Columbia and member of the Central Carolina Economic Development Alliance. "I am appreciative of Carolina First's investment in downtown Columbia and for the creation of some 150 jobs this year."
 In August 1993, Carolina First announced an agreement to acquire all the branches of Omni Savings Bank, F.S.B., a subsidiary of FirstFed of Michigan. Omni operates three branches in Columbia with approximately $40 million in deposits. This acquisition is expected to close by January 1994.
 At Sept. 30, 1993, Carolina First Corporation had $755 million in total assets and market capitalization of $77.5 million. The acquisition of the three Omni branches and seven Republic National Bank branches will add approximately $160 million in total assets. If these acquisitions had been completed at Sept. 30, 1993, Carolina First's assets would have totaled approximately $915 million.
 Carolina First Corporation, headquartered in Greenville, offers a broad range of commercial, consumer and mortgage financial services through three subsidiaries, Carolina First Bank, Carolina First Savings Bank, and Carolina First Mortgage Company. Carolina First Bank is a state-chartered commercial bank that operates 23 branches throughout South Carolina. Carolina First Savings Bank, headquartered in Georgetown, is a federally chartered savings bank with eight branches in coastal South Carolina. Carolina First Mortgage Company engages in mortgage banking activities.
 Carolina First's preferred stock trades over-the-counter under the symbols CAFCP and CAFCO. Market makers include J.C. Bradford & Co., Interstate/Johnson Lane, Robinson Humphrey Co. Inc., Sterne Agee & Leach, and Wheat First Securities.
 -0- 11/9/93
 /CONTACT: William S. Hummers III of Carolina First Corporation, 803- 255-7900/

CO: Carolina First Corporation; Republic National Bank; Resource
 Bancshares, Inc. ST: South Carolina IN: FIN SU: TNM

MM-CM -- CH009 -- 2428 11/09/93 16:30 EST
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Publication:PR Newswire
Date:Nov 9, 1993

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