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Southern National Bank was a
bank A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...
headquartered first in
Lumberton, North Carolina Lumberton is a city in Robeson County, North Carolina, United States. As of 2020, its population was 19,025. It is the county seat of Robeson County. Located in southern North Carolina's Inner Banks region, Lumberton is located on the Lumbe ...
and then in
Winston-Salem, North Carolina Winston-Salem is a city in Forsyth County, North Carolina, United States, and its county seat. At the 2020 United States census, 2020 census, the population was 249,545, making it the List of municipalities in North Carolina, fifth-most populous ...
. It joined with
BB&T BB&T Corporation (previously known as the Branch Banking and Trust Company) was one of the largest banking and financial services firms in the United States, based in Winston-Salem, North Carolina. In 2019, BB&T announced its intentions to merge ...
in 1995.


History

In 1897, former North Carolina governor Angus MacLean and Judge Thomas A. McNeill started the Bank of Lumberton with $15,000. In 1955, MacLean's son Hector became president, and in 1959, The National Bank of Lumberton changed its name to Southern National. In 1979, Carolina State Bank of Gastonia, started in 1971, became part of Southern National. In 1982, Southern National took over Winston-Salem-based Forsyth Bank & Trust, led by Glenn Orr. In 1985, Southern National had assets of $1.5 billion. With the purchase of a former Northwestern Bank branch in
Hickory Hickory is a common name for trees composing the genus ''Carya'', which includes 19 species accepted by ''Plants of the World Online''. Seven species are native to southeast Asia in China, Indochina, and northeastern India (Assam), and twelve ...
, which had to be sold after the
First Union First Union Corporation was a bank holding company that provided commercial bank, commercial and retail banking services in eleven states in the Eastern United States, eastern U.S. First Union also provided various other financial services, incl ...
-Northwestern merger, Southern National had 99 branches in 26 counties. In 1986, Southern National Corporation entered
South Carolina South Carolina ( ) is a U.S. state, state in the Southeastern United States, Southeastern region of the United States. It borders North Carolina to the north and northeast, the Atlantic Ocean to the southeast, and Georgia (U.S. state), Georg ...
with the $10 million purchase of
Horry County Horry County ( ) is the easternmost County (United States), county in the U.S. state of South Carolina. As of the 2010 United States census, 2020 census, its population was 351,029. It is the List of counties in South Carolina, fourth-most popu ...
National Bank of
Loris Loris is the common name for the strepsirrhine mammals of the subfamily Lorinae (sometimes spelled Lorisinae) in the family Lorisidae. ''Loris'' is one genus in this subfamily and includes the slender lorises, ''Nycticebus'' is the genus cont ...
. Later that year, Southern National announced the $5.6 million purchase of First Palmetto Bancshares Corp. of Columbia and the $9.75 million purchase of Capital Bank and Trust Co. of Belton. At the time, Southern National was North Carolina's seventh-largest banking company. Also in 1986, Southern National sold its Southern National Mortgage Co. to NCNB for an estimated $7 million. Southern National had not intended to sell the business but NCNB made a good offer and the bank could use the money for its South Carolina purchases. NCNB had exited the
mortgage A mortgage loan or simply mortgage (), in civil law (legal system), civil law jurisdictions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners t ...
business in 1981 to concentrate on interstate banking, though NCNB bought Bank of North Carolina in 1982 and sold that bank's mortgages to Southern National. In May 1989, Southern National announced its purchase of Allied Bankshares Inc. of
Thomson, Georgia Thomson (originally called Slashes) is a city and the county seat of McDuffie County, Georgia, McDuffie County, Georgia (U.S. state), Georgia, United States. The population was 6,814 at the 2020 census. Thomson's nickname is "The Camellia City of ...
. The $59 million deal fell apart but would have been the first acquisition of a
Georgia Georgia most commonly refers to: * Georgia (country), a country in the South Caucasus * Georgia (U.S. state), a state in the southeastern United States Georgia may also refer to: People and fictional characters * Georgia (name), a list of pe ...
bank by a mid-sized N.C. bank. Another failed deal in 1990 would have given Southern National $1 billion in South Carolina assets and 53 offices in the state. NBSC had $540 million in assets, while Southern National Corp. had $3.4 billion and was N.C.'s fifth largest bank holding company. NBSC shareholders objected to the $53 million deal.David Bourne, "Southern National Corp. Withdraws Buyout Bid," ''The Fayetteville Observer'', December 4, 1990. In 1990, with Hector MacLean's retirement, Orr took over the top spot at Southern National Corporation. As the bank grew, it became more difficult to recruit qualified executives to a town of 19,000 people. Several cities were considered, and Edward Pleasants of Winston-Salem, a member of the bank's local board, began a campaign to move Southern National to his city. Also in 1990, Southern National bought two
savings and loan A savings and loan association (S&L), or thrift institution, is a financial institution that specializes in accepting savings deposits and making mortgage and other loans. While the terms "S&L" and "thrift" are mainly used in the United States, ...
s with combined assets of $223 million--Western Carolina Savings and Loan Association in Valdese and Mutual Federal Savings and Loan Association of Elkin. In 1991, Southern National took over two failed savings and loans, Preferred Savings Bank of High Point and Southeastern Savings Bank of Charlotte. Also that year, Southern National announced its largest acquisition yet--Workmen's Federal Savings Bank of Mount Airy, with $260 million in assets. In an unusual transaction in 1992, Southern National paid $3 million for $60 million in loans and $50 million in deposits of First Security Savings Bank of Pinehurst. The
Resolution Trust Corporation Resolution Trust Corporation (RTC) was a U.S. government-owned asset management company first run by Lewis William Seidman and charged with liquidating assets, primarily real estate-related assets such as mortgage loans, that had been assets ...
, which had the duty of taking over failed savings and loans, had to obtain clearance for the sale from the
Office of Thrift Supervision The Office of Thrift Supervision (OTS) was a List of federal agencies in the United States, United States federal agency under the United States Department of the Treasury, Department of the Treasury that chartered, supervised, and regulated al ...
, because while its former parent First Federal Savings Association of
Raleigh Raleigh ( ) is the List of capitals in the United States, capital city of the U.S. state of North Carolina. It is the List of municipalities in North Carolina, second-most populous city in the state (after Charlotte, North Carolina, Charlotte) ...
had failed in December 1990, First Security was healthy. Three of First Security's four branches closed and customers were sent to other Southern National branches. The deal made Southern National the number three bank by deposits in Moore County. Early in 1993, Southern National completed its purchase of First Federal Savings Bank in Winston-Salem,Michael Fabey, "Southern National Plans To Buy Goldsboro Bank," ''The Fayetteville Observer'', March 10, 1993. putting Southern National behind only
Wachovia Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo and Company in 2008, Wachovia was the fourth-largest bank holding company in the United States, based on total asset ...
in Forsyth County deposits. Southern National had $4.5 billion in assets, $3.9 billion of those in North Carolina, and was the state's sixth largest banking company. The company's North Carolina banking operations began moving to Winston-Salem, though Orr and the corporate headquarters stayed in Lumberton. One reason for the move was the 20-story, One Triad Park, which had of space Southern National could move into immediately. One of the other contenders,
Greensboro Greensboro (; ) is a city in Guilford County, North Carolina, United States, and its county seat. At the 2020 census, its population was 299,035; it was estimated to be 307,381 in 2024. It is the third-most populous city in North Carolina, af ...
, would not have a new building ready, and the bank would need a temporary home.C.E. Yandle, "Pulling up roots to go for broke: Southern National is banking on it," ''The News & Observer'', December 13, 1992. With Southern National taking on eight floors, the building's name changed to Southern National Financial Center on May 3. Also in 1993, Southern National announced the purchase of Goldsboro-based East Coast Federal Savings Bank, with $256 million in assets, which Orr called "one of the best savings banks in the state." The deal would make Southern National number one in deposits in Fayetteville, the state's fifth-largest banking market. In 1993, Southern National announced the acquisition of First Savings Bank, FSB, headquartered in
Greenville, South Carolina Greenville ( ; ) is a city in Greenville County, South Carolina, United States, and its county seat. With a population of 70,720 at the 2020 United States census, 2020 census, it is the List of municipalities in South Carolina, sixth-most pop ...
. With just over $2 billion in assets, it was the third largest financial institution in South Carolina. On August 1, 1994,
BB&T BB&T Corporation (previously known as the Branch Banking and Trust Company) was one of the largest banking and financial services firms in the United States, based in Winston-Salem, North Carolina. In 2019, BB&T announced its intentions to merge ...
and Southern National announced a "merger of equals". The merged bank would be called BB&T, though at first, the holding company was Southern National Corp. With $19 billion in assets, BB&T would have the most North Carolina deposits and branches of any bank. Orr and new BB&T chairman John Allison said the merger would likely prevent out-of-state banks from taking over. Orr retired once the merger was complete. The headquarters became BB&T Financial Center. On May 19, 1997, Southern National Corp. changed its name to BB&T Corp. and its stock symbol SN to BBT."Year of Changes," ''Greensboro News & Record'', July 20, 1997.


References

{{reflist, 2 Banks based in North Carolina 1995 mergers and acquisitions Defunct banks of the United States