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Columbia, S.C.-Area Banks See Wachovia Merger Benefits.
Byline: Kevin Dietrich
May 16--Community bankers say it doesn't matter whether First Union or SunTrust eventually lands Wachovia; they'll still come out winners.
"The perception will be there's somebody new in the market, with new rules and new fees, and that means opportunity for us," said Wayne Pearson, president of Southcoast Community Bank in Mount Pleasant.
"People are creatures of habit, and when there's a merger, change happens, which is something they don't like," he added.
Monday, SunTrust made an unsolicited $13.6 billion bid for Wachovia, a deal worth substantially more than what First Union offered last month.
First Union responded Tuesday, stating that it doesn't intend to up its $12.5 billion offer for Wachovia, the Winston-Salem-based bank that holds the leading share of S.C. deposits with more than $6 billion.
Charlotte-based First Union said its offer is not much lower than that of Atlanta-based SunTrust and would result in greater earnings, capital and savings.
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...leaders of First Union, Wachovia and SunTrust during their tense...Union Corp. First Union and Wachovia execs...votes, while SunTrust is hoping to merge...almost no sense for SunTrust shareholders...about how First Union and Wachovia would...
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