MEMPHIS, Tenn., Aug. 13 /PRNewswire/ -- National Commerce Financial
Corporation (NYSE: NCF) announced today it has signed a definitive agreement
to acquire 37 First Union (NYSE: FTU) and Wachovia (NYSE: WB) branches and
corresponding ATMs in North Carolina, South Carolina, Georgia and Virginia.
The branch acquisition complements NCF's existing branch network in the
Southeast and expands its presence in the Carolinas.
(Photo: http://www.newscom.com/cgi-bin/prnh/20010510/NCBCLOGO )
The branch acquisition is contingent upon completion of the proposed First
Union and Wachovia merger, and is expected to close in the first quarter of
2002, subject to the approval of the appropriate regulatory authorities.
Terms of the agreement were not disclosed.
The branches are to be divested as part of the First Union and Wachovia
merger approval process to meet the U.S. Department of Justice's antitrust
guidelines. The sale will include deposits, loans and related premises and
equipment. NCF has also agreed to offer employment to divested branch
personnel.
"These branches will mesh well with our 'hub-and-spoke' retail
distribution network," said Ernest Roessler, president and chief executive
officer of NCF. "This is a tremendous opportunity to strengthen several key
markets where we already have a presence as well as establish a foothold in
the attractive high-growth areas of Asheville, N.C., and Savannah, Ga. We are
looking forward to welcoming customers and employees of these locations to the
National Commerce family."
"We were committed to finding a buyer that best suited the needs of our
customers, employees and communities," said Ben Jenkins, First Union vice
chairman and head of General Banking for the new Wachovia. "National Commerce
has a strong reputation that met our criteria in all of these areas, and I
feel confident that customers will experience little or no disruption as a
result of this transition."
Branches in North Carolina and South Carolina will operate under the name
Central Carolina Bank, and locations in Virginia and Georgia will take on the
National Bank of Commerce name
The 37 branch locations being acquired by NCF are in the following
communities:
North Carolina: Virginia: South Carolina: Georgia:
Arden Bedford York Savannah
Asheville Chilhowie
Black Mountain Hardy
Canton Roanoke
Elizabeth City Salem
Hendersonville
Morganton
N. Wilkesboro
Sylva
Walkertown
Walnut Cove
Waynesville
Weaverville
Winston-Salem
ABOUT NCF
National Commerce Financial Corporation has $18.0 billion in assets and
nearly 400 locations in nine southeastern states. NCF, headquartered in
Memphis, Tenn., with its operations headquarters in Durham, N.C., is a sales
and marketing organization that delivers select financial and consulting
services through a national network of banking affiliates and non-banking
affiliates. For investor information, visit the NCF website at
http://www.ncfcorp.com.
First Union (NYSE: FTU), with $246 billion in assets and stockholders'
equity of $16 billion at June 30, 2001, is a leading provider of financial
services to 15 million retail and corporate customers throughout the East
Coast and the nation. The company operates full-service banking offices in 11
East Coast states and Washington, D.C., and full-service brokerage offices in
47 states and internationally. Online banking products and services can be
accessed through http://www.firstunion.com.
Wachovia (NYSE: WB) is a major interstate financial holding company
offering banking and financial services to individuals primarily in Florida,
Georgia, North Carolina, South Carolina and Virginia and to corporations and
institutions throughout the United States and globally. Wachovia Corporation
is headquartered in Atlanta and Winston-Salem, N.C., and had assets of $74.8
billion at June 30, 2001. Wachovia's Web site is located at http://www.wachovia.com.
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.
NCF 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 NCF; and
other economic, competitive, governmental, regulatory and technological
factors affecting NCF specifically or the banking industry or economy
generally.
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:
media, Eileen Sarro of National Commerce
Financial, +1-919-683-7642, or Laurie Hedrick of First Union,
+1-704-374-3465, or Ed Hutchins of Wachovia, +1-336-732-4200, or
investors, Sheldon Fox of National Commerce Financial,
+1-901-523-3656, or Alice Lehman of First Union, +1-704-374-4139,
or Robert S. McCoy Jr., of Wachovia, +1-336-732-5926
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