Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: THURSDAY, February 24, 1994                   TAG: 9402240468
SECTION: BUSINESS                    PAGE: C-10   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

IN BUSINESS

CHARLOTTE, N.C. - NationsBank Corp. has announced plans to buy California Federal Bank's network of 43 Florida bank branches and $4 billion in deposits in exchange for $160 million in cash.

"This is a fill-in acquisition," NationsBank Senior Vice President Rusty Page said in an interview. "Strategically, it is very important to us because it gives us a leading share in Broward and Palm Beach counties, where a lot of the money is."

Page on Tuesday emphasized the agreement does not portend any future moves by NationsBank into California.

Adelaide A. Sink, president of NationsBank of Florida, said the pending purchase of the California Federal branches will make NationsBank the third-largest bank in Florida.

The merger will boost NationsBank's deposits to more than $19 billion in Florida and the number of its branches to 402. The deal also calls for NationsBank to purchase the single California Federal branch in Atlanta.

- Associated Press