DATE: Friday, April 4, 1997                 TAG: 9704040908

SECTION: BUSINESS                PAGE: D1   EDITION: FINAL 

SOURCE: BY TOM SHEAN, STAFF WRITER 

                                            LENGTH:   34 lines

BB&T CONSIDERS VIRGINIA FOR CREDIT-CARD OPERATION SITE

Southern National Corp., parent of the Branch Banking & Trust banks in the Carolinas and Virginia, said Thursday it may move its credit-card operations out of North Carolina because of restrictive state regulations.

``Virginia is high on our list, as are Georgia and Nebraska,'' said Ken Chalk, senior executive vice president and chief credit officer at the Winston-Salem-based banking company.

A consulting firm working for Southern National also will consider three or four other states, Chalk said. Southern National will decide in July or August.

North Carolina has tighter limits on credit-card fees than some other states, which has hampered Southern National's ability to tailor its fees to particular customer services, Chalk said.

The company markets VISA and MasterCard cards in Carolina and Virginia.

It also offers cards through programs with 10 colleges and professional associations.

Southern National employs 110 people at its card facility in Wilson, N.C.

Southern National established a presence in Virginia two years ago by acquiring Virginia Beach-based Commerce Bank.

Earlier this year, its BB&T of Virginia subsidiary bought Fidelity Financial Bankshares Corp., a Richmond thrift holding company with $320 million in assets. ILLUSTRATION: [Color Photo]

The company markets VISA and MasterCard cards in Virginia and North

Carolina.

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