MEMPHIS, Tenn., March 21 /PRNewswire/ --
National Commerce Bancorporation (Nasdaq: NCBC) announced today that it
intends to change its name to National Commerce Financial Corporation and to
adopt a new logo. The new name illustrates the company's evolution from a
traditional bank to a financial services company. The new name and logo will
become effective April 25, pending shareholder approval.
All of the company's subsidiaries, including National Bank of Commerce and
Central Carolina Bank and Trust Company, will maintain their existing names
and logos.
"Today's NCBC is more than just a bank, and we want a name that clearly
communicates that image and message to our shareholders and Wall Street," said
Ernest. C. Roessler, president and chief executive officer. "National
Commerce Financial Corporation conveys that we provide a broad spectrum of
financial capabilities and services, including our many non-bank businesses,
which are national in scope."
NCBC has increasingly expanded and diversified its sources of income to
include non-traditional banking services such as retail banking consultation
and advisory services, fuel card processing and truck fleet transaction
services, and processing and other services for retirement plans such as
401(k)s. These financial enterprise businesses represented 11 percent of net
operating income in the fourth quarter of 2000. That contribution is expected
to grow due to their expandable bases that have the inherent potential of
higher profits on new revenue and exponential growth.
"But more important are both vertical and horizontal leveraging
opportunities across the corporation. Our financial enterprises give us the
power to multiply shareholder value through integration and the leveraging
of opportunities from one enterprise area to another without additional
operating costs," added Roessler. "In addition, our combined banking and
financial enterprise customer bases offer extensive cross-selling potential
to increase fee income while reducing our dependence on interest-sensitive
income."
"We are always looking for strong growth opportunities outside of
traditional banking products and services that make sense for both our
customers and shareholders," continued Roessler. "That's one of the
characteristics that distinguishes us from most competitors in our industry,
and an initiative that has contributed significantly to our consistent top
performance. We will adhere to this business strategy as we move forward
under the National Commerce Financial Corporation banner while also taking
advantage of opportunities to enhance and expand our traditional banking
business."
ABOUT NATIONAL COMMERCE BANCORPORATION
National Commerce Bancorporation has $16.6 billion in assets and nearly
400 locations in nine Southeastern states. Headquartered in Memphis, Tenn.,
with its operations headquarters in Durham, N.C., NCBC is a sales and
marketing organization that delivers select financial and consulting services
through a national network of banking affiliates and non-banking affiliates.
FORWARD-LOOKING STATEMENTS
These statements constitute forward-looking statements (within the meaning
of the Private Securities Litigation Reform Act of 1995), which involve
significant risks and uncertainties. A variety of factors could cause actual
results and experience to differ materially from the anticipated results or
other expectations expressed in such forward-looking statements.
National Commerce Bancorporation does not assume any obligation to update
these forward-looking statements or to update the reasons why actual results
could differ from those projected in the forward-looking statements.
Factors that might cause such a difference include, but are not limited to
competition from both financial and non-financial institutions; changes in
interest rates, deposit flows, loan demand and real estate values; changes in
legislation or regulation; changes in accounting principles, policies or
guidelines; the timing and occurrence (or non-occurrence) of transactions and
events that may be subject to circumstances beyond the control of National
Commerce Bancorporation; and other economic, competitive, governmental,
regulatory and technological factors affecting National Commerce
Bancorporation specifically or the banking industry or economy
generally.
SOURCE National Commerce Bancorporation
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Related links:
http://www.ncbccorp.com
CONTACT:
Eileen Sarro of National Commerce
Bancorporation, 919-683-7642
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