Synovus To Acquire South Carolina Bank Company
Nov. 18, 1994
COLUMBUS, Ga. (AP) _ Synovus Financial Corp. said Friday it has agreed to acquire NBSC Corp., the parent of South Carolina's fifth largest bank, for about $150 million in stock.
The agreement calls for Columbus, Ga.-based Synovus to exchange about 1.7 shares of its stock for each share of NBSC stock.
NBSC, based in Columbia, S.C., is the parent company of The National Bank of South Carolina. It has $1.1 billion in assets.
Synovus, with $6 billion in assets, owns 32 community banks in three states and an 81 percent stake in the credit card processing company Total System Services Inc.
The deal is expected to close in the first quarter of 1995.