Wachovia Completes Acquisition
WINSTON-SALEM, N.C. - Wachovia Corp. said it completed its acquisition of South Carolina +National Corp., Columbia, on Friday.
Wachovia, which is based in Winston-Salem, N.C., agreed to exchange 0.675 share of its common stock for each South Carolina National share in a tax-free pooling of interests.
Up to 15.95 million Wachovia shares are to be issued in the exchange, which will have a market value of $848 million based on Thursday's closing stock prices.
Additional $7 Billion in Assets
The merger was announced in June. South Carolina National's 159 banking offices and $7 billion in assets bring Wachovia's totals to 520 offices in three states and $33 billion in assets.
Wachovia Corp.'s board has been expanded to 18 directors with the addition of five members from the South Carolina company.
The new members include: James G. Lindley, chairman and chief executive of South Carolina National; Rufus C. Barkley Jr., chairman and chief executive officer, the Cameron and Barkley Co. Charleston; and Crandall C. Bowles, president, the Springs Co., Lancaster.
Also, Lawrence M. Gressette Jr., chairman and chief executive officer, SCANA Corp., Columbia; W. Hayne Hipp, president, the Liberty Corp., Greenville.
Mr. Lindley also was elected vice chairman of Wachovia Corp.
