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SOUTHERN NATIONAL TO ISSUE 5,202,051 SHARES IN FIRST FEDERAL MERGER

 SOUTHERN NATIONAL TO ISSUE 5,202,051 SHARES IN FIRST FEDERAL MERGER
 LUMBERTON, N.C., Nov. 4 /PRNewswire/ -- Southern National Corporation (NYSE: SNB) today announced that 5,202,051 shares of common stock will be issued in connection with the merger of FedFirst Bancshares, Inc. (NASDAQ-NMS: FFBS) into Southern National. At October 30, 1992, FedFirst had 2,219,000 shares and options to purchase shares outstanding. FedFirst is the parent company of First Federal Savings Bank of Winston-Salem.
 The number of shares to be issued was determined by dividing $88,760,000, the value of the transaction, by $17.0625, the average closing price of Southern National common stock during the 10 trading day period ended October 30, 1992.
 A joint proxy statement/prospectus will be mailed to the shareholders of Southern National and FedFirst within the next few weeks. The merger, which is subject to approval by the shareholders and regulators, is expected to be consummated during the first quarter of 1993.
 Based upon the favorable impact of operational cost savings, efficiencies of scale and revenue enhancements that can be achieved after merger, Southern National anticipates that 1993 dilution from the FedFirst merger will be minimal. This dilution will be more than offset by accretion to earnings per share from 1992 mergers with Workmen's Bancorp, Inc. and First Security Savings Bank of Pinehurst.
 -0- 11/4/92
 /CONTACT: Bob Denham, Public Relations, 919-671-2427, or Sherry Kellett, Controller, 919-671-2327, both of Southern National Corporation/
 (SNB FFBS) CO: Southern National Corporation; FedFirst Bancshares, Inc.;
 First Federal Savings Bank ST: North Carolina IN: FIN SU: TNM


CM -- CH001 -- 2295 11/04/92 08:03 EST
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Publication:PR Newswire
Date:Nov 4, 1992
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