NCNB, Sovran to Trim Presence in S.C.
ATLANTA - To prepare for their pending merger, NCNB Corp. and C&S/Sovran Corp. have announced plans to sell six branches in South Carolina with $97 million in deposits.
The branch sales - to three buyers - were required by federal regulators on antitrust grounds as a condition for approving the merger, which is scheduled for a yearend closing.
Once the merger is approved, NationsBank South Carolina will be the state's largest bank, with more than $8 billion in assets and over 225 branches.
Overlap in Florida
Florida is the only other state where NCNB and C&S/Sovran have overlapping branch networks.
NCNB spokesman Chris Spencer said Wednesday that the Charlotte, N.C.-based company does not yet know whether the Federal Reserve will require Florida branch divestitures or additional ones in South Carolina.
"We don't anticipate any requirements from the Fed to divest in Florida, but we won't know for sure until the regulatory process is complete," Mr. Spencer said.
NCNB said it would sell five branches in coastal Beaufort County, three to LSB Banc-shares Inc., Lexington, S.C., and two to First Union Corp., Charlotte.
C&S/Sovran will sell a branch in Darlington County, in the northeastern part of the state, to Columbia-based First Citizens and Trust Co. of South Carolina.