MEMPHIS, Tenn., July 17 /PRNewswire/ --
Executives from National Commerce Financial (Nasdaq: NCBC), headquartered
in Memphis, TN, and BI-LO, a leading grocery store chain headquartered in
Mauldin, SC, today announced they have entered into an agreement to offer
financial services in BI-LO locations in upstate South Carolina.
(Photo: http://www.newscom.com/cgi-bin/prnh/20010510/NCBCLOGO )
Approximately 10 in-store locations are expected to be complete by the end
of 2002, with the earliest openings set for November 2001. They will operate
as Central Carolina Bank, which currently has 38 traditional branches serving
111,000 households in the Upstate region. With its acquisition of Southbanc
Shares Inc. announced yesterday and the new in-store locations, CCB will
increase its South Carolina branch locations to approximately 60 by the end of
2002.
"We are very pleased to enter into the agreement with BI-LO," said Bill
Reed, NCF's chief operating officer. "Both NCF and BI-LO have long and
successful track records, and we believe this association will enable both to
provide better, more convenient customer service."
"Our goal at BI-LO is to provide as many conveniences as possible for
customers. We believe that by offering full-service financial services
through a highly respected partner such as CCB, BI-LO customers can take
advantage of another time-saving feature while they shop with us," said Steve
Ortega, executive vice president/CFO of BI-LO.
This expansion is the execution of strategic plans set in motion last year
following the merger between CCB and NCF. "We're doing what we said we would
do, and that is, leveraging the complementary strengths of the two banks,"
said Reed. "We're taking a very successful hub-and-spoke retail strategy
refined by NCF and implementing it into CCB's South Carolina region."
NCF traditionally has used a combination of the hub-and-spoke strategy and
de novo entry to expand existing or enter new markets, a tactic that has
consistently delivered one of the highest earnings growth rates and one of the
best efficiency ratios in the banking industry.
The new BI-LO locations are full service branches that offer all the
banking products and services found in traditional branches. As with other
CCB in-store locations in the Carolinas, the new branches will offer extended
hours, including evenings and weekends.
About National Commerce Financial
National Commerce Financial Corporation is a leading seller and marketer
of diversified financial and consulting services delivered through its
national network of banking and non-banking affiliates. With $18 billion in
assets and approximately 400 locations throughout the Southeast, NCF is
headquartered in Memphis, TN, and maintains operational headquarters in
Durham, NC. CCB, a wholly-owned subsidiary, operates 228 branches in North
and South Carolina, primarily located in MSAs along the I-85 corridor from
Raleigh-Durham-Chapel Hill, NC to Greenville-Spartanburg-Anderson, SC.
About BI-LO
BI-LO, headquartered in Mauldin, SC operates 293 supermarkets and 138
Golden Gallon convenience stores in Tennessee, Georgia, Alabama and the
Carolinas, employing nearly 27,000 associates. BI-LO is one of five Ahold USA
supermarket companies and is owned by Royal Ahold of the Netherlands, which
ranks as one of the largest food providers in the world. Ahold USA companies
also include US Foodservice, the second largest institutional food provider in
the US as well as the Internet grocer Peapod.
SOURCE National Commerce Financial Corporation
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Related links:
http://www.ncfcorp.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20010510/NCBCLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, 888-776-6555 or 212-782-2840
CONTACT:
Sheldon Fox of National Commerce Financial
Corporation, +1-901-523-3656, or e-mail, sheldon.fox@ncfcorp.com
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