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SOUTHERN NATIONAL COMPLETES MERGER WITH EAST COAST

 LUMBERTON, N.C., N.C., Oct. 7 /PRNewswire/ -- Southern National Corporation (NYSE: SNB) announced today that it has completed its conversion/merger of East Coast Savings Bank, S.S.B. of Goldsboro. Terms of the merger, announced in March, called for the conversion of East Coast from a mutual to a capital stock state savings bank and the simultaneous acquisition of East Coast by Southern National.
 The merger was consummated at 5 p.m. today. East Coast's 10 branches will open as Southern National offices Friday morning in Fayetteville, Goldsboro and Clinton, cities where Southern National currently operates, and in Fremont, Newton Grove, Princeton and Roseboro, which represent new markets for the Lumberton-based corporation.
 "Our No. 1 priority right now is our new customers," said Southern National Chairman Glenn Orr. "We are going to do everything in our power to accommodate them and make this merger as easy for them as possible. One of the fortunate things about this merger is the amazing number of quality people who are joining us through East Coast."
 The acquisition of the $275 million thrift increases Southern National's assets to $5.3 billion and expands Southern National's branch network to 169 offices in 88 cities and communities in North and South Carolina.
 The transaction improves Southern National's market share from 5th to 2nd in both Goldsboro and Clinton and solidifies Southern National's No. 1 ranking in Fayetteville with 19 percent of the market. Fayetteville is the state's fifth largest financial market.
 -0- 10/7/93
 /CONTACT: Bob Denham, Public Relations, of Southern National, 919-773-7363/
 (SNB)


CO: Southern National Corporation; East Coast Saving Bank, S.S.B. ST: North Carolina IN: FIN SU: TNM

CM -- CH008 -- 9934 10/07/93 17:25 EDT
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Publication:PR Newswire
Date:Oct 7, 1993
Words:288
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