Regions Financial of Alabama Entering S. Carolina with $33M Deal

Regions Financial Corp. of Alabama said it would make its entry into South Carolina by acquiring Greenville Financial Corp. for about $33 million in stock.

"This area enjoys a vibrant and growing economy and is a natural extension of Regions' existing markets in north Georgia," Regions chairman and chief executive officer J. Stanley Mackin said in announcing the deal last week.

Regions, with $21.2 billion of assets, is based in Birmingham and has 441 branches in Alabama, Florida, Louisiana, and Tennessee.

Greenville Financial has assets of $134 million, deposits of $110 million, and a single branch.

Ronnie C. Jackson, a Regions Financial spokesman, said his company is not "following the leaders" in the Southeast like Wachovia Corp., First Union Corp., and NationsBank Corp.

"Greenville Financial is just a great performer, and that's exactly what we want-a strong bank with strong management," he said.

Net income in first six months was $975,000, 15% more than a year earlier.

Mr. Jackson added that Regions' closest markets to Greenville are in north Georgia, along I-85 near the towns of Lavonia and Taccoa.

The transaction, due to be completed in the first quarter, awaits approval from regulators and Greenville stockholders as well as final due diligence by Regions.

Regions said it would exchange 1.2 shares of its common stock-which was trading Monday afternoon at $34.375-for each of Greenville Financial's.

Regions also has an agreement to buy $97 million-asset GF Bancshares, Griffin, Ga., for about $17 million. That deal is expected be completed in the fourth quarter. GF owns five-branch Griffin Federal Savings Bank, with deposits of $78 million.

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