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PRIME BANCSHARES, SOUTHTRUST CORP. SIGN LETTER OF INTENT

 /REPEATING TO CORRECT GARBLE/
 PRIME BANCSHARES, SOUTHTRUST CORP. SIGN LETTER OF INTENT
 DECATUR, Ga., July 30 /PRNewswire/ -- Officials with Prime Bancshares Inc. (AMEX: PMB) of Decatur, Ga., and SouthTrust Corp. (NASDAQ: SOTR) of Birmingham, Ala., have signed a letter of intent for the purchase of Prime Bancshares Inc. by SouthTrust at an exchange ratio of .89 shares of SouthTrust stock plus $.50 in cash consideration per share of Prime Bancshares stock, announced Thomas H. Coley, chairman, president and chief executive officer of SouthTrust Bank of Georgia, and Darrell D. Pittard, president and chief executive officer of Prime Bancshares.
 Prime Bancshares Inc., which reported assets of $686 million on June 30, operates Prime Bank which has 14 offices in the Atlanta metropolitan area.
 The letter of intent is subject to the signing of a definitive agreement between the two companies and shareholder and regulatory approval.
 "We couldn't be more pleased to announce our association with SouthTrust," Pittard said. "SouthTrust is a solid company oriented toward quality customer service. They have a strong balance sheet, and they are committed to their employees.
 "SouthTrust has already shown a commitment to Atlanta through the growth of their Atlanta bank. I think our customers will really appreciate that commitment to our city."
 Coley said: "We're delighted to have reached this agreement with Prime Bancshares. The addition of Prime Bank will certainly strengthen our presence in Atlanta, and in return, we'll be able to provide competitive banking products with outstanding service to Prime Bank customers.
 "We look forward to working with the customers and staff of Prime Bancshares in the future."
 SouthTrust Corporation, with headquarters in Birmingham, reported assets of $11.3 billion on June 30. SouthTrust operates 40 banks with more than 340 offices in the six-state area including Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee.
 In Georgia, SouthTrust operates SouthTrust Bank of Georgia with $1.75 billion in assets on June 30 and 80 offices and SouthTrust Bank of Columbus, Ga.
 -0- 7/30/92 R
 /CONTACT: Thomas H. Coley of SouthTrust Bank of Georgia, 404-230-8714; Jeannie Colquett of SouthTrust Corp., 205-254-5523; or Darrell D. Pittard of Prime Bancshares, 404-370-8669/
 (PMB SOTR) CO: Prime Bancshares Inc.; SouthTrust Corporation ST: Georgia, Alabama IN: FIN SU: TNM


EA-BN -- AT003 -- 5050 07/30/92 11:28 EDT
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Publication:PR Newswire
Date:Jul 30, 1992
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