NCNB CORPORATION AND C&S/SOVRAN CORPORATION TO DIVEST SIX SOUTH CAROLINA BANKING OPERATIONS TO DIFFERENT PURCHASERS
NCNB CORPORATION AND C&S/SOVRAN CORPORATION TO DIVEST SIX SOUTH
CAROLINA BANKING OPERATIONS TO DIFFERENT PURCHASERS
COLUMBIA, S.C., Nov. 13 /PRNewswire/ -- NCNB Corp. (NYSE: NCB) and C&S/Sovran Corp. (NYSE: CVN) today said they have entered into agreements to divest six South Carolina banking locations to three different purchasers. The transactions are in connection with their application to the Federal Reserve Board to form NationsBank.
NCNB will sell five Beaufort County offices totaling nearly $75 million in deposits. Three branches, located at 706 Bay st., Beaufort, 2900 W. Boundary St., Beaufort, and at the Parris Island U.S. Marine Corps base, will be sold to the Hampton County Bank, a subsidiary of L.S.B. Bancshares Inc.
Two other NCNB branches, located at 200 Main St., Hilton Head, and 501 Pineland Mall, Hilton Head, will be sold to First Union National Bank of South Carolina.
C&S will sell one branch in Darlington County to First Citizens Bank and Trust Company of South Carolina. That branch is located at 42 West Public Square in Darlington and represents $22 million in deposits.
Terms of the a?nch transactions were not disclosed.
"One of the strongest priorities for both NCNB and C&S in selecting buyers was to make sure our employees and customers would be taken care of," said Joel A. Smith III, president of NCNB South Carolina. Smith recently was named president of the combined Carolinas market for NationsBank.
"Each purchaser has assured us they consider every employee and every customer invaluable to their operations in these communities and that the business of the branches will be conducted in substantially the same manner as before," Smith said.
Once the merger is approved, NationsBank South Carolina will be the state's largest bank, with more than $8 billion in assets and over 225 banking locations.
/CONTACT: Chris Spencer, NCNB, 803-758-2348, or Scott Derks, C&S/Sovran, 803-343-7901/
(NCB CVN) CO: NCNB Corporation; C&S/Sovran Corporation ST: North Carolina, Georgia, South Carolina IN: FIN SU: DF -- CH007 -- 3949 11/13/91 12:35 EST