THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Saturday, July 9, 1994 TAG: 9407090197
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
TYPE: Daily Digest
LENGTH: Short : 24 lines
Officials of NationsBank Corp. and Rock Hill National Bank signed a formal agreement to merge their companies Friday with the stipulation that all local employees have jobs when the deal is complete. Michael Gooding, president of RHNB, said legal documents were signed by bank officials from both companies, formalizing the issues discussed last month when NationsBank agreed to buy RHNB in a deal valued at $53 million. The transaction between the two banks will involve a tax-free exchange of common stock. For every 100 shares of RHNB stock, stockholders will receive 35 shares of NationsBank. RHNB shareholders must also approve the deal, during a meeting which the agreement says must take place before Nov. 15. by CNB