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NATIONSBANK CORP. AND MNC FINANCIAL INC. RECEIVE FEDERAL RESERVE BOARD APPROVAL TO PROCEED WITH PREVIOUSLY ANNOUNCED MERGER PLANS

 CHARLOTTE, N.C. and BALTIMORE, Aug. 2 /PRNewswire/ -- NationsBank Corporation (NYSE: NB) and MNC Financial Inc. (NYSE: MNC) announced today they have received approval from the Federal Reserve Board to proceed with their previously announced plans to merge.
 The companies have agreed that the merger will close on Oct. 1. Remaining regulatory approvals are expected to be received by that time.
 "This is a great day for our company," said NationsBank Chairman Hugh McColl. "We are pleased that the regulatory process remains on the time table we originally established. But most important, we are looking forward to the day when we can join forces with the terrific people in the MNC organization. Together we will bring the strength and resources of our combined companies to bear in the Baltimore/Washington marketplace."
 MNC President and CEO Frank Bramble said the merger closing date was established "to provide the smoothest, most efficient merger process for the shareholders and the customers of MNC."
 Under terms of the merger agreement, NationsBank will pay MNC shareholders $15.17 per share. Based on 90.8 million of MNC common shares outstanding, the total purchase price is $1.38 billion. Of that total, NationsBank will pay 50.1 percent in NationsBank common stock and 49.9 percent in cash.
 MNC shareholders will receive detailed instructions during September concerning the process of exchanging their MNC shares for NationsBank stock or cash.
 MNC Financial has approximately $16.7 billion in assets and operates nearly 250 banking centers in Maryland, Virginia and the District of Columbia.
 These operations will become part of NationsBank, the fifth largest banking company in the United States, with $124 billion in assets and full-service banking centers in nine states and the District of Columbia.
 -0- 8/2/93
 /CONTACT: Dick Stilley, 704-386-8135, or Martha Larsh, 214-508-0633, both of NationsBank Corporation/
 (NB MNC)


CO: NationsBank Corporation; MNC Financial Inc. ST: North Carolina, Maryland IN: FIN SU: TNM

SB -- CH014 -- 8599 08/02/93 18:42 EDT
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Publication:PR Newswire
Date:Aug 2, 1993
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