MEMPHIS, Tenn., Aug. 13 /PRNewswire/ -- National Commerce Financial
Corporation (NYSE: NCF) today announced plans to combine its two primary
banking charters into a single charter to further increase the efficiency and
effectiveness of its operations.
(Photo: http://www.newscom.com/cgi-bin/prnh/20010510/NCBCLOGO )
"After weighing and evaluating the options regarding our multiple bank
charters, it was determined that operating under a primary, unified national
bank charter is the most efficient and effective way for us to operate as we
move forward," said NCF President and CEO Ernest C. Roessler. "Combining
individual charters will create additional cost-saving opportunities from
compliance, regulatory and other operational standpoints. That is important
to investors, but, even more important is that this change will have no impact
whatsoever on customers and how they conduct their banking business."
As a result of this consolidation, Central Carolina Bank will begin
operating under the national bank charter held by National Bank of Commerce.
CCB previously has operated as a North Carolina state-chartered bank.
From a customer perspective, the conversion process will be transparent
and it will be business as usual. The subsidiary banks will continue to run
in their respective territories under established names: CCB in the Carolinas,
under the leadership of Richard Furr, chairman and president of CCB; and NBC
in Tennessee, Mississippi, Arkansas, Georgia, Virginia and West Virginia.
The conversion, which is expected to receive approval from the Office of
the Comptroller of the Currency in October, is anticipated to be completed by
January 1, 2002.
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 $18.0 billion in
assets and approximately 400 locations throughout the Southeast, National
Commerce Financial is headquartered in Memphis, Tenn., and maintains
operational headquarters in Durham, N.C.
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:
Eileen Sarro of National Commerce Financial
Corporation, +1-919-683-7642
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