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 Winston-Salem, N.C., Dec. 6 /PRNewswire/ - The merger of South Carolina National Corporation (NASDAQ-NMS: SCNC) as a wholly owned subsidiary of Wachovia Corporation (NYSE: WB) became effective at the beginning of business today.
 Wachovia Corporation will issue .675 share of common stock in exchange for each common share of South Carolina National in a tax-free pooling of interests transaction. South Carolina National shareholders will be advised of the exchange procedures in a letter to be mailed shortly.
 Up to 15,954,662 common shares of Wachovia Corporation will be issued in the exchange. The transaction has a market value of approximately $848 million based on yesterday's New York Stock Exchange composite transactions' closing price for Wachovia common shares.
 "We are pleased to join forces with the best and biggest bank in South Carolina," said John G. Medlin Jr., chairman and chief executive officer of Wachovia Corporation. "Our companies have a similar dedication to sound and progressive banking and good citizenship."
 "South Carolina National is proud to become a partner in the premier interstate banking company of the Southeast," said James G. Lindley, who will remain chairman and chief executive officer. "Our customers and communities will continue to receive the same quality service from the same capable people at the same convenient locations under the same respected name."
 The board of Wachovia Corporation has been expanded to 18 directors with the election of five members from South Carolina National
Corporation. They are: Rufus C. Barkley Jr., chairman and chief executive officer, The Cameron and Barkley Company, Charleston; Crandall C. Bowles, president, The Springs Company, Lancaster; Lawrence M. Gressette Jr., chairman and chief executive officer, SCANA Corporation, Columbia; W. Hayne Hipp, president, The Liberty Corporation, Greenville; and Mr. Lindley, who also was elected vice chairman of Wachovia Corporation.
 As prescribed in the merger agreement, South Carolina National has applied litigation, real estate and loan valuation policies and practices on a basis consistent with Wachovia. In conforming these standards, South Carolina National recognized additional loss reserves and writedowns totalling $97.8 million prior to the closing of the transaction. Also, approximately $16 million of merger related charges will be taken by the combined companies in the fourth quarter of 1991.
 South Carolina National has 159 full-service banking offices across the state. Wachovia's other principal banks are Wachovia Bank of Georgia with 139 offices and Wachovia Bank of North Carolina with 222 offices. The corporation also has specialized service offices in six other states and in London and Tokyo. Following the merger, Wachovia has combined assets of approximately $33 billion and ranks among the 20 largest bank holding companies in the United States.
 -0- 12/6/91
 /CONTACT: (Media) Nancy P. Lovelace, Wachovia Corporation, 919-770-5696, or Linda K. Logan, South Carolina National Corporation, 803-765-3369; (Analysts) Graham P. Dozier III, Comptroller, 919-770-5926, or James C. Mabry, Investor Relations, 919-770-5788, both of Wachovia Corporation, or Robert S. McCoy Jr., President, South Carolina National Corporation, 803-765-4390/
 (SCNC WB) CO: South Carolina National Corporation; Wachovia Corporation ST: North Carolina, South Carolina IN: FIN SU: TNM

CM -- CH001 -- 9977 12/06/91 08:48 EST
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Publication:PR Newswire
Date:Dec 6, 1991

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