Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, July 25, 1990 TAG: 9007250094
SECTION: BUSINESS PAGE: A5 EDITION: METRO
SOURCE: MAG POFF BUSINESS WRITER
DATELINE: LENGTH: Medium
The action permits a merger the companies announced last September.
But the merger, to take place by Aug. 31, will be under a different name and organization than the two banks proposed when they first proposed the combination.
The new company will be known as C&S/Sovran Corp. instead of the original proposal of Avantor Financial Corp. It will become a company with $50 billion in assets and more than 1,000 offices in seven states.
Bennett A. Brown, chairman of Citizens & Southern, said he expected the merger to close Aug. 31 after a required 30-day review period by the Department of Justice.
The Federal Reserve Board approved merger of the two banks Tuesday.
The original proposal called for separate operating companies.
"But now we've been involved in a detailed transition planning process for almost a year," Brown said, "and our priority has clearly changed.
"Our focus is on building a strong, unified, thoroughly integrated company. That is what led us to the conclusion that C&S/Sovran is a name that more accurately reflects who we are."
Each bank will continue to operate under its own name while products and services will be unified for economic and marketing efficiencies.
Some non-bank activities may operate under the combined name.
Sovran has 495 offices - in Virginia, Maryland, Tennessee, Kentucky and Washington.
C&S has 517 offices - in Georgia, Florida and South Carolina.
by CNB