Printer Friendly

SOUTHERN NATIONAL MOVES NORTH CAROLINA BANK HEADQUARTERS

 SOUTHERN NATIONAL MOVES NORTH CAROLINA BANK HEADQUARTERS
 WINSTON-SALEM, N.C., Nov. 10 /PRNewswire/ -- Southern National Corporation (NYSE: SNB) announced today it will move the headquarters of its North Carolina banking subsidiary from Lumberton to Winston-Salem. Southern National Bank of North Carolina, the corporation's principal subsidiary, is the state's sixth largest bank and represents 83 percent, or $3.9 billion, of the company's total assets.
 "Winston-Salem and Forsyth County provide a solid base for the future growth of our bank," said Chairman Glenn Orr. "There is tremendous potential for us here."
 The economic impact of the move to Winston-Salem and Forsyth County will be the addition of approximately 200 jobs by June 1994 and an annual estimated payroll of $10.5 million. Some jobs would be relocated from Lumberton, some would move from other Southern National locations and some would be new hires. Overall, bank officials say the move will take 18 to 24 months to complete. The first phase could begin as early as January 1993.
 Following the expected merger with First Federal Savings Bank, Southern National will be the second-largest bank in Winston-Salem with 12 branch offices in the city. Winston-Salem also serves as headquarters for Southern National's Northwest Region.
 Southern National officials have selected the One Triad Park office facility in downtown Winston-Salem as the bank's main office. The bank will occupy 6 floors and approximately 74,000 square feet of the green glass office building on Second Street.
 Orr said that Southern National began looking at alternatie sites for its North Carolina headquarters because the bank is projecting above average growth over the next five years. He cited economic factors, personnel recruitment issues, the location and needs of customers and the best interest of shareholders as keys to the decision.
 Since 1973, Southern National's deposit growth has migrated from southeastern North Carolina to the Piedmont. In addition, 14 percent of the company's shareholders now reside in Forsyth and Surry counties, compared to 9 percent in Lumberton and Robeson County. The percentage of shareholders in Forsyth County will increase substantially with the completion of the FedFirst merger in early 1993.
 Southern National estimates that over a period of 36 months, the impact of the N.C. bank's move in Lumberton will be small because the bank plans to consolidate a number of functions in Lumberton and form a new commercial loan operation there. Lumberton currently is home to 452 Southern National employees; by December 1995, the total nubmer is projected to be 453. Southern National will keep its corporate headquarters in Lumberton.
 "Lumberton has always been an important part of our heritage and dear to us," Orr said. "It will continue to remain a very important part of our organization."
 Lumberton is a 20,000-population town in southeastern North Carolina where Southern National was established in 1897 as the Bank of Lumberton. The bank changed its name to Southern National Bank of North Carolina in 1959 and added its first branch outside Lumberton in Laurinburg 40 miles away.
 Southern National experienced rapid growth during the 1980s, tripling in size from $600 million in 1980 to $3.4 billion in 1990. Today, Southern National, with assets of $4.5 billion and approximately 2,500 employees, operates 152 branches in 80 cities and towns in North and South Carolina.
 -0- 11/10/92
 NOTE TO BUSINESS EDITORS, ASSIGNMENT DESKS AND INVESTMENT COMMUNITY: Southern National Bank of North Carolina will hold a press conference at 3 p.m. today, Tuesday, Nov. 10. The conference will be held at the Stouffer Hotel in Winston-Salem at 425 N. Cherry Street. Those unable to attend in person are invited to join via conference call. Call 303-436-1805 between 2:45 p.m. and 2:55 p.m. to participate. Members of the investment community are encouraged to call Southern National Chief Financial Officer Jack Spruill at 919-725-3500 ext. 6326.
 /CONTACT: Bob Denham, Public Relations, 919-671-2427, or John R. Spruill, Chief Financial Officer, 919-725-3500 ext. 6326, both of Southern National Corporation/
 (SNB) CO: Southern National Corporation; Southern National Bank ST: North Carolina IN: FIN SU: RCN


CM -- CH011 -- 9345 11/10/92 14:19 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 10, 1992
Words:689
Previous Article:CONTINENTAL MORTGAGE AND EQUITY TRUST REPORTS IMPROVED THIRD QUARTER RESULTS
Next Article:INCOME OPPORTUNITY REALTY TRUST REPORTS IMPROVED THIRD QUARTER RESULTS
Topics:


Related Articles
SOUTHERN NATIONAL, FIRST FEDERAL SAVINGS BANK OF WINSTON-SALEM ? SIGN DEFINITIVE AGREEMENT
SOUTHERN NATIONAL, FIRST FEDERAL SAVINGS BANK OF WINSTON-SALEM SIGN DEFINITIVE AGREEMENT
SOUTHERN NATIONAL TAKES NO ACTION ON RELOCATION
SOUTHERN NATIONAL TAKES NO ACTION ON RELOCATION
SOUTHERN NATIONAL ANNOUNCES TWO KEY APPOINTMENTS
SOUTHERN NATIONAL FOUNDER PART OF FEDERAL RESERVE HERITAGE
SOUTHERN NATIONAL ANNOUNCES RESTRUCTURING IN THE WEST
BULLARD TO OVERSEE SOUTHERN NATIONAL'S TOP MARKET
BB&T, SOUTHERN NATIONAL ANNOUNCE THAT ATTRITION, EARLY-OUT PROGRAM WILL REDUCE LAYOFFS
BB&T AND SNC SHAREHOLDERS RECEIVE MULTI-BILLION DOLLAR MERGER PROPOSAL

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters