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LINCOLN BANK OF NORTH CAROLINA ACQUIRES INSURED DEPOSITS AND SELECTED ASSETS OF CROWN NATIONAL BANK

 LINCOLNTON, N.C., May 7 /PRNewswire/ -- Lincoln Bank of North Carolina has acquired the insured deposits and selected assets of the Crown National Bank in an announcement made today by James E. Burt, III, president and CEO of Lincoln Bank. The Southpark banking facility will reopen Monday, May 10 at 8:30 a.m. as a full service branch of Lincoln Bank.
 All depositors of the former Crown National Bank whose deposits were insured by the FDIC will become Lincoln Bank depositors. Beginning Monday, customers may conduct all their banking business at the Southpark branch or any other Lincoln Bank branch. Customers should continue using their Crown National Bank checks and deposit supplies until they receive new check forms.
 Lincoln Bank now has 10 offices in Mecklenburg, Catawba, Iredell and Lincoln Counties. Since its inception in 1983, Lincoln Bank has established nine full service de novo offices. The acquisition of the Southpark facility and its $20 million deposit base will be Lincoln Bank's first branch addition through acquisition of a bank. "It's nice to open a branch with an established customer base," said Burt. "We warmly welcome the newest members to our growing bank family."
 Adds Burt, "We view this expansion as a unique opportunity for Lincoln Bank. The Southpark area hosts the second largest retail complex in the state, almost a city in itself. It's the only destination in the nine-county metro area that every resident visits at least once a year. We couldn't be more excited about bringing our friendly, personalized style of community banking to this dynamic market. We're confident the residents and merchants of the Southpark area will find our brand of banking to have a real personal touch."
 Lincoln Bank is a wholly owned subsidiary of Carolina First BancShares, Inc. Carolina First, headquartered in Lincolnton, N.C., has consolidated assets of over $271 million, 13 banking offices, and equity capital of approximately $19.9 million. Carolina First also operates Cabarrus Bank of North Carolina. Its stock is traded over the counter.
 -0- 5/7/93
 /CONTACT: James E. Burt, III, president of Lincoln Bank of North Carolina, 800-272-0222, or 704-732-2222/


CO: Lincoln Bank of North Carolina, Crown National Bank ST: North Carolina IN: FIN SU: TNM

LD -- NY077 -- 6197 05/07/93 19:56 EDT
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Publication:PR Newswire
Date:May 7, 1993
Words:380
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