ATLANTA -- NationsBank Corp.'s push to dismantle interstate banking restrictions in the Southeast is gathering momentum.
Last week, the president of NationsBank's Georgia subsidiary proposed a bill to the state's General Assembly that would take Georgia out of the Southeast Compact by July 1, 1996. The compact, which involves agreements among nine southeastern states and the District of Columbia, prevents a bank headquartered in the region from expanding outside the nine signatory states.
The Georgia legislature will consider NationsBank's bill when it convenes in January.
NationsBank is sponsoring similar bills in Virginia, South Carolina, and Florida, whose legislatures also meet in January. South Carolina and Florida banking associations are still studying the issue, but Virginia and Georgia groups are supporting the effort to dismantle the compact.