The city of Lumberton, N.C. -- population 20,000 -- will soon lose its distinction as one of the smallest places to house a top-100 bank holding company. Southern National Corp. is moving.
The bank is not sure where it will go, but chairman Glenn Orr insists he needs "room to grow." Assets at the end of the third quarter rose 29% over the previous year to $4.5 billion, and acquisitions are pending.
Southern National's parent set up shop in Lumberton in 1897. The bank said it would name a relocation site in late October, but directors have yet to reach a decision.
They have reviewed proposals from Charlotte, Greensboro, Raleigh, and Winston-Salem. Mr. Orr says an announcement may follow a Nov. 19 board meeting.