THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Friday, September 16, 1994 TAG: 9409160515
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
TYPE: Daily Digest
SOURCE: (Associated Press)
LENGTH: Short : 28 lines
North Carolina's largest banks are among a handful in the country with the resources and know-how to capitalize on new legislation that removes all barriers to interstate banking. President Clinton is expected to sign the banking bill later this month, paving the way for NationsBank, First Union and Wachovia to look beyond the Southeast to places like California and New Jersey when they consider future expansion. Ken Lewis, president of NationsBank Corp., said his company plans to be around after any further consolidation in the banking industry. Lewis said the large banks that will prosper will be well-capitalized, solid earners and market-oriented. Earlier this week, the Senate passed the interstate banking bill by a 94-4 vote. The measure is expected to accelerate the already rapid pace of consolidation in the banking industry, with analysts predicting 4,000 to 5,000 banks a decade from now, compared with 11,000 now. by CNB