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SOCIETY'S INVESTMENT BANKING GROUP STRUCTURES AND ARRANGES FINANCING FOR BELLVILLE TUBE ACQUISITION

 CLEVELAND, July 16 /PRNewswire/ -- Society National Bank and its affiliates, an Ohio-based financial services company, has assisted in the acquisition financing of Bellville Tube Corporation, a Houston-based manufacturer of drilling and transmission pipe and tube for use in the recovery of oil and natural gas. The energy industry has hailed this transaction as an indication of new equity money infusing into the domestic market.
 Society's Investment Banking Group served as financial advisor and private placement agent on the transaction, which involved the purchase of all assets of the Bellville Tube Division of Quanex Corporation, a Houston-based Fortune 500 Company. Society National Bank, along with several other financial providers, funded the acquisition financing.
 Bellville Tube is a mini-mill operation that manufactures electric resistance welded (ERW) pipe. ERW pipe is used in the energy industry for drilling and production applications and for oil and gas surface handling and transportation. Bellville Tube also plans to diversify its ERW product line into the mechanical tubing and standard pipe markets.
 Bellville Tube interviewed several New York-based and regional investment banks before selecting Society's Investment Banking Group to act as financial advisor and placement agent on their behalf.
 "Bellville Tube is our first financing venture, and we wanted it to be the beginning of a long relationship with a strong investment banking partner," says Bob Campana, financial administrator, Bellville Tube Corporation. "We wanted to work with a group that could get the deal done, and Society effectively demonstrated that ability."
 Society National Bank is an affiliate of Society Corporation (NYSE: SCY), one of the largest bank holding companies in the Midwest. As of June 30, 1993, Society Corporation had $26 billion in assets, $1.9 billion in equity capital, over $4.1 billion of market capitalization and more than 440 banking offices in Ohio, Michigan, Indiana, Texas and Florida. The trust business of Society ranks in the top 15 nationally in terms of revenues and has offices in Ohio, Michigan, Indiana, Florida, New York, Colorado and Missouri. Through its affiliates, Society engages in commercial banking, consumer banking, mortgage banking and leasing, and investment management and trust services.
 -0- 7/16/93
 /CONTACT: Teresa Kleinhenz, communications specialist, Society Corporation, 216-689-4492/
 (SCY)


CO: Society National Bank; Bellville Tube Corporation ST: Ohio, Texas IN: FIN OIL SU:

AR -- CL018 -- 2570 07/16/93 15:17 EDT
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Publication:PR Newswire
Date:Jul 16, 1993
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