Ending months of speculation, Southern National Corp. said it would transfer the headquarters of its lead North Carolina bank to Winston-Salem, N.C., from Lumberton.
The move follows Southern National's announcement in July that it would purchase First Federal Savings Bank in Winston-Salem.
The addition of First Federal's $400 million in assets will make Southern National the second-largest bank there, after Wachovia National bank, a unit of Wachovia Corp.
Holding Company to Stay
Southern National's holding company headquarters will remain in Lumberton, which is in the southeastern part of the state and has 19,600 residents.
Southern National, which has $4.5 billion in assets, operates 152 branches in North and South Carolina. Earlier in the year, the company said it was considering moving its headquarters from Lumberton and invited bids from other North Carolina cities.
The Winston-Salem Journal reported Tuesday that a committee of local businessmen had pledged to transfer $100 million in deposits to Southern National if it made the move and that Wachovia did not object.
Southern National said it would move 200 jobs to Winston-Salem by June 1994, contributing an annual payroll of $10.5 million.
