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SOUTHERN NATIONAL LEASING TO MERGE WITH SC FIRM

 CHARLOTTE, N.C., Sept. 23 /PRNewswire/ -- Southern National Leasing Corp. of Charlotte and Leasing Associates, Inc. of Anderson, S.C., announced today that they have signed a letter of intent to merge. The transaction will provide Southern National Leasing a direct presence in the South Carolina market.
 Southern National Leasing, the state's fourth largest bank-owned leasing company, is a subsidiary of Southern National Bank of North Carolina.
 "They are a mirror image of the way we do business," said Southern National Leasing President Rob Peacock. "Leasing Associates is a very fine company that has done exceptionally well in its 15 years of existence. They have a solid customer base."
 Leasing Associates, an $11 million company with seven employees based in Anderson, S.C., primarily leases passenger cars and light duty trucks and vans. It maintains approximately 800 leases and serves about 400 customers.
 "Our merger with Southern National Leasing will allow Leasing Associates to continue to provide our fine customers the level of service to which they have grown accustomed," said Leasing Associates President James P. Clamp, who will join Southern National Leasing as a senior vice president. "This is a good opportunity for us, and we are proud to become a part of Southern National Leasing and Southern National Bank."
 Southern National Leasing, with offices in Charlotte, Greensboro, Raleigh and Wilmington, hopes to expand its operations in South Carolina in the next two to three years, said Peacock. With $95 million in assets and 32 employees, Southern National Leasing is the nation's 98th largest leasing company.
 "This merger certainly establishes for us a direct presence in South Carolina," he said. "What we would like to do in the next couple of years is to open sales offices in Greenville, Columbia and Charleston."
 -0- 9/23/93
 /CONTACT: Bob Denham, Public Relations, Southern National Corporation, 919-773-7363, or Rob Peacock, President, Southern National Leasing, 704-522-6610/
 (SNB)


CO: Southern National Leasing Corp.; Leasing Associates, Inc. ST: North Carolina, South Carolina IN: FIN SU: TNM

CM -- CH002 -- 5074 09/23/93 09:28 EDT
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Publication:PR Newswire
Date:Sep 23, 1993
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