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Columbia, S.C.-Area Banks See Wachovia Merger Benefits.

The State (Columbia, SC)

| May 16, 2001 | COPYRIGHT 2001 The State. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

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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