SOUTHERN NATIONAL COMPLETES ACQUISITION OF WORKMEN'S BANCORP INC.
SOUTHERN NATIONAL COMPLETES ACQUISITION OF WORKMEN'S LUMBERTON, N.C., March 20 /PRNewswire/ -- Southern National Corporation (NYSE: SNB) today completed its acquisition of Workmen's Bancorp, Inc. of Mount Airy, a healthy, profitable thrift holding company in northwestern North Carolina with approximately $260 million in assets. Shareholders of Workmen's overwhelmingly approved the merger in a vote on Thursday, March 12. Terms of the merger call for Southern National to issue 2.6 million shares of common stock for all outstanding Workmen's stock and stock options. The transaction is valued at approximately $35 million based on Southern National's closing price of $13 3/8 per share Thursday. "We're merging with one of the finest financial institutions in North Carolina," said Southern National Chairman Glenn Orr. "This is our 30th merger. We are proud to have this quality, professional organization join us." With the merger, Southern National expands its presence into four new markets northwest of its Winston-Salem operations: Mount Airy, Sparta, King and Pilot Mountain. The addition of five branches gives Southern National approximately 21 percent of the market share in Surry County and boosts its network to 153 offices in 83 cities and towns in North and South Carolina. The acquisition, the largest ever for the Lumberton-based company, increases Southern National's assets to more than $4 billion. Workmen's branches will open Monday, March 23 as Southern National Bank offices. The public has been invited to attend ceremonies planned in each of the four communities. A special unveiling is scheduled at each office for 8:45 a.m. -0- 3/20/92 R /CONTACT: Bob Denham, Public Relations, Southern National Corporation, 919-671-2427/ (SNB) CO: Southern National Corporation ST: North Carolina IN: FIN SU: TNM
JZ -- CH001 -- 9993 03/20/92 09:31 EST
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|Date:||Mar 20, 1992|
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