ROCK HILL, S.C. -- NationsBank Corp. announced an agreement in principal to acquire Rock Hill National Bank from RHNB Corp., in a stock transaction valued at just over $50 million.

Observers noted the price is equal to 2.9 times Rock Hill's stated book value, which reflects $6 million of convertible debentures. If the debentures are converted, the price is equal to a 2.4 times book - still a hefty price for a bank acquisition.

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