MEMPHIS, Tenn. - Memphis-based National Commerce Financial Corp. (NCF) has acquired 37 First Union and Wachovia branches and corresponding ATMs in North Carolina, South Carolina, Georgia and Virginia, adding $1.4 billion in deposits and $500 million in loans.
The branches and ATMs operate as Central Carolina Bank in North Carolina and South Carolina, and as National Bank of Commerce in Virginia and Georgia.
The acquisition is part of NCF's strategic expansion of its financial and consulting services in the Southeast, company president and chief executive officer Ernest C. Roessler said.
"We are entering attractive new markets, enhancing our presence in existing markets, and looking ahead to building on these purchases for further growth and profitability," Roessler said in a news release.
