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NATIONSBANK AND CORPUS CHRISTI NATIONAL BANK ANNOUNCE DEFINITIVE AGREEMENT TO MERGE

 /THE FOLLOWING IS A REPEAT OF A RELEASE ISSUED MONDAY, SEPT. 20/
 CORPUS CHRISTI, Texas, Sept. 20 /PRNewswire/ -- NationsBank Corporation (NYSE: NB) and Corpus Christi National Bank jointly announced today that a definitive agreement to merge has been approved by the CCNB Board of Directors.
 Jerry W. Gates, CCNB president and chief executive officer, said his company is excited about the opportunity to merge with a financial services company as strong, innovative and well-respected as NationsBank. Gates said the partnership creates a unique combination which will benefit Corpus Christi area customers through diversity in products and services.
 "Our primary focus has been to serve our customers and to serve the local community. And, that won't change," Gates said. "NationsBank has the same commitment to community banking and corporate citizenship and has set the pace as the state's largest lending institution. By joining NationsBank, our customers will gain greater convenience through a statewide banking system as well as have access to a broader range of financial services than ever before.
 "Clearly, banking and the financial services industry are changing," Gates said.
 "Our directors believe this partnership will ensure continued success into the next century and that will be good for our customers and good for this community.
 This partnership further demonstrates NationsBank commitment to this community through such a significant investment. No other major banking organization has entered this market with such a direct commitment."
 Under terms of the agreement, NationsBank will acquire all of CCNB's outstanding capital stock in a tax-free transaction. NationsBank will exchange 2.5 shares for each of the 1,051,525 CCNB shares outstanding. Pending customary approval, the transaction is expected to be completed in early 1994.
 "As the gateway between South Texas and the world, the entire bay area represents an extremely vital and dynamic part of our state," said Bob Lane, president of NationsBank of Texas. "Corpus Christi National is known for its customer-focused way of doing business and so is NationsBank. We at NationsBank welcome the opportunity to work with our new teammates and to serve our new customers."
 In making the announcement, Lane said that Gates would be named president of the Corpus Christi area bank following the merger. The combined Corpus Christi area banks will have assets of more than $1 billion.
 "We are enormously pleased to have a banker of Jerry's caliber join our team," Lane said. "His knowledge of banking and of this community are invaluable. He will have the responsibility and the authority to respond to local needs just as he does now."
 NationsBank is the largest bank in Texas with nearly 275 locations in 79 communities. It has four banking centers in the Corpus Christi area. By merging with CCNB, NationsBank will become the largest bank in the bay area with nine banking centers in Corpus Christi, Calallen, Aransas Pass and Robstown.
 With approximately $740 million in assets, Corpus Christi National Bank has three offices in Corpus Christi and one in Aransas Pass. The recently announced CCNB merger with Coastal Bend National Bank will proceed as planned and is expected to be finalized in October.
 NationsBank is the fifth-largest U.S. banking company with $124 billion in assets and full-service banking centers in nine states and the District of Columbia.
 -0- 9/20/93
 /CONTACT: (Media) Jan Boylston, 214-508-0636, or Beth Ulinger, 214-508-0643, both of NationsBank, or Michael Harrison, 512-881-6804, or Debra Miller, 512-881-6790, both of Corpus Christi National Bank/
 (NB)


CO: NationsBank Corporation; Corpus Christi National Bank ST: North Carolina, Texas IN: FIN SU: TNM

CM -- CH006 -- 4168 09/21/93 12:35 EDT
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Publication:PR Newswire
Date:Sep 21, 1993
Words:598
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