Southern National Corp. said Friday it will pay $167 million in stock for Regional Acceptance Corp., which specializes in "B" auto loans.

William R. Stallings Sr., who founded Regional Acceptance in 1978, will remain with the company as chairman and chief executive. The company, which has $140 million in loans, will operate under its own name as a subsidiary of $20 billion-asset Southern National.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.