NationsBank-Corpus Christi National Bank Merger Approved By CCNB
CORPUS CHRISTI, Texas (AP) _ A merger agreement between NationsBank Corp. and Corpus Christi National Bank has been approved by the CCNB board of directors, the banks announced Monday.
According to the agreement, NationsBank, the largest bank in Texas, will acquire all CCNB’s outstanding capital stock. NationsBank will exchange 2.5 shares for each of the slightly more than 1 million CCNB shares outstanding.
The transaction is expected to be completed by early 1994.
Bob Lane, president of NationsBank of Texas, will be the president of the Corpus Christi-area bank, according to the agreement. CCNB has assets of about $740 million.
CCNB president Jerry W. Gates said the merger would benefit customers.
″By joining NationsBank, our customers will gain greater convenience through a statewide banking system as well as have access to a broader range of financial services than ever before,″ Gates said in a statement.
NationsBank has about 275 branches across the state, including four in the Corpus Christi area.