Memphis bank buys 22 Wachovia branches in Georgia

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Posted 2:34PM on Tuesday, October 8, 2002

MEMPHIS, Tenn. - National Commerce Financial will purchase 15 Wachovia bank branches in the Atlanta area, the company announced Tuesday. In addition, Memphis-based NCF has agreed to assume Wachovia's lease obligation for seven additional branches in the Atlanta area. The company says the new branches complement its existing and planned in-store branches and give National Bank of Commerce, the company's banking subsidiary, the fifth-largest branch presence in the Atlanta area. Under the terms of the agreement, NCF cannot disclose the branch locations. "We're obviously thrilled to have developed such a large presence of prime locations in such a short time," said Cliff Davis, NBC Atlanta region president. In April 2002, NBC started its first Atlanta branch as part of an agreement to open 30 branches inside Kroger grocery stores by the end of 2003. Since then, NBC has opened 13 in-store branches and a freestanding branch, which serves as NBC's regional headquarters. By the end of 2003, NBC is projected to have 61 branches in the Atlanta area, including 23 traditional branches, and eight Wal-Mart branches. NCF is a diversified financial services company with $21 billion in assets. Shares of the company's stock were trading at $21.69 Tuesday, up 16 cents a share. Shares of Wachovia stock were trading at $29.24, up 49 cents a share.