MEMPHIS, Tenn., Nov. 19 /PRNewswire/ -- National Commerce Financial
Corporation (NYSE: NCF), the parent company of Central Carolina Bank (CCB),
reported today that its previously announced acquisition of SouthBanc Shares,
Inc. (Nasdaq: SBAN), headquartered in Anderson, SC, has been completed.
SouthBanc operated 11 branches under the name of its savings bank subsidiary,
SouthBank. The locations are primarily in the Greenville-Spartanburg-Anderson
Metropolitan Statistical Area.
(Photo: http://www.newscom.com/cgi-bin/prnh/20010510/NCBCLOGO )
The transaction adds $434 million in deposits to NCF's existing South
Carolina operations, which now total $1.5 billion in deposits and 49
depository branches. The branches will operate as Central Carolina Bank.
"We are continuing to execute on our very successful hub-and-spoke
expansion strategy. Further complementing the SouthBanc acquisition was the
opening of our first in-store locations in South Carolina. The combination
gives us a greatly enhanced market presence throughout the
Greenville-Spartanburg-Anderson MSA," said Ernest C. Roessler, NCF president
and CEO. Roessler added that the remainder of the in-store locations would be
completed by the end of 2002, giving CCB approximately 60 locations in upstate
South Carolina at year-end.
On July 17, CCB and Bi-Lo, a major grocery store chain headquartered in
Mauldin, SC, announced their agreement to offer financial services in the
upstate region of South Carolina. Approximately 10 in-store locations are
expected to be complete by the end of 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 $18.5 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 233 branches in North
and South Carolina, primarily located in MSAs along the I-85 corridor from
Raleigh-Durham-Chapel Hill, North Carolina to Greenville-Spartanburg-Anderson,
SC.
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:
Eileen M. 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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