MEMPHIS, Tenn., Feb. 19 /PRNewswire-FirstCall/ -- National Commerce
Financial Corporation (NYSE: NCF) has completed its acquisition of 37 First
Union and Wachovia (NYSE: WB) branches and corresponding ATMs in North
Carolina, South Carolina, Georgia and Virginia, the company announced today.
The acquisition adds approximately $1.4 billion in deposits and $500
million in loans to Memphis-based NCF. Under U.S. Department of Justice
antitrust guidelines, First Union and Wachovia divested the branches as part
of their merger process.
"This transaction continues our strategic expansion in the high-growth
Southeast," said Ernest C. Roessler, president and chief executive officer of
NCF. "We are entering attractive new markets, enhancing our presence in
existing markets, and looking ahead to building on these purchases for further
growth and profitability."
Branches in North Carolina and South Carolina operate under the name
Central Carolina Bank, and locations in Virginia and Georgia operate as
National Bank of Commerce. The branches are in 14 communities in North
Carolina, five in Virginia, and one each in South Carolina and Georgia.
ABOUT NCF
National Commerce Financial Corporation has $20 billion in assets and over
400 locations in nine Southeastern states. NCF, headquartered in Memphis, TN,
with its operations headquarters in Durham, NC, is a sales and marketing
organization that delivers select financial and consulting services through a
national network of banking affiliates and non-banking affiliates. Press
releases and investor information can be found at http://www.ncfcorp.com.
SOURCE National Commerce Financial Corporation
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Related links:
http://www.ncfcorp.com
CONTACT:
Eileen Sarro, +1-919-683-7642, or M.J.A.
"Jekka" Pinckney, +1-901-523-3525, both of National Commerce
Financial Corporation
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