LUMBERTON, N.C. -- Southern National Corp. said it has agreed in principle to acquire Home Federal Savings Bank of Statesville, N.C., for $18.2 million in stock.
Home Federal, which also has Taylorsville and Troutman, has $100 million of assets. Its offices would become Southern National branches.
The Home Federal purchase and the pending acquisition of Davidson Savings Bank would increase Southern National's market share in Statesville to 17% and its local ranking to third, from 11th.
Southern National, with $5.2 billion of assets, also has mergers pending with East Coast Savings Bank in Goldsboro and Regency Bancshares Inc. of Hickory.
The briefs were compiled from staff and wire reports.