BRUNSWICK, Ga. -- First Federal Savings Bank of Georgia said it has won a jury verdict against NationsBank Corp. in a breach-of-contract suit filed in 1991.
First Federal said the verdict in Glynn County (Ga.) Superior Court proves its case that Citizens and Southern Corp., which became part of NationsBank, breached a 1988 agreement to merge with First Federal.
Financial damages will be determined at a separate trial, First Federal said.
The Brunswick-based thrift had sought to halt the merger of NCNB Corp. and C&S/Sovran Corp., which created NationsBank, until its contract dispute was resolved. First Federal said Citizens & Southern Corp. approached it about a merger in 1988, then delayed it and ultimately refused to complete it in light of the NCNB deal.