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Article: SOUTHERN NATIONAL/EAST COAST SAVINGS BANK AGREE TO MERGE

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PR Newswire
Article date:
March 9, 1993
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LUMBERTON, N.C., March 9 /PRNewswire/ -- Southern National Corporation (NYSE: SNB) and East Coast Savings Bank, SSB of Goldsboro announced today that they have agreed to a merger that will be the second largest conversion/merger of a mutual thrift in North Carolina. Terms of the agreement call for the conversion of East Coast from a mutual to a capital stock state savings bank and the simultaneous acquisition of East Coast by Southern National. 
"East Coast is a well-capitalized institution with a reputation for strong earnings and quality loans," said Southern National Chairman Glenn Orr. "We're merging with one of the best savings banks in the state. I am especially ...

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