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Article: Wachovia, Central Fidelity Banks Inc. Announce Merger
- Article from:
- PR Newswire
- Article date:
- June 24, 1997
CopyrightCOPYRIGHT 1997 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WINSTON-SALEM, N.C., June 24 /PRNewswire/ -- Central Fidelity Banks Inc. (Nasdaq: CFBS), the parent of Central Fidelity National Bank in Richmond, Va., and Wachovia Corporation (NYSE: WB) announced the signing of a definitive agreement for a merger between the two companies. The agreement has been approved by the boards of directors of both companies and is subject to the approval of shareholders and appropriate regulatory agencies. The merger is expected to close in the fourth quarter.
The merger with Central Fidelity, combined with Wachovia's recently announced acquisition of Jefferson Bankshares Inc. of Charlottesville, Va., will position Wachovia as the ...