UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
September 3, 1996
SOUTHERN NATIONAL CORPORATION
(Exact name or registrant as specified in its charter)
Commission file number: 1-10853
North Carolina 56-0939887
(State of incorporation) (I.R.S. Employer Identification No.)
200 West Second Street
Winston-Salem, North Carolina 27101
(Address of principle executive offices) (Zip Code)
(910) 733-2000
(Registrant's telephone number, including area code)
This Form 8-K has 5 pages. The sequential numbering of the pages is included
on the bottom center.
Page 1
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ITEM 5. OTHER EVENTS.
On September 3, 1996, Southern National Corporation, a North Carolina
corporation, announced that it had completed the acquisition of Regional
Acceptance Corporation, a North Carolina corporation. A copy of the press
release is attached as Exhibit 99(a) hereto.
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) EXHIBITS
EXHIBIT
NUMBER DESCRIPTION OF DOCUMENT
99(a) Press Release of Southern National Corporation dated
September 3, 1996.
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September 3, 1996
FOR IMMEDIATE RELEASE
Contacts:
ANALYSTS MEDIA
B. Gloyden Stewart, Jr. Scott E. Reed Bob Denham
Senior Vice President Senior Executive Vice President
Vice President
Investor Relations Chief Financial Officer Public Relations
(919) 246-4219 (910) 733-3088 (910) 733-2202
Southern National completes
acquisition of Regional Acceptance
WINSTON-SALEM, N.C. -- Southern National Corporation (NYSE:SNB)
completed today its acquisition of Regional Acceptance Corporation of
Greenville, N.C., in a transaction accounted for as a pooling of interests.
Regional Acceptance, which has 28 branch offices in North Carolina,
South Carolina, Virginia and Tennessee, specializes in indirect financing for
consumer purchases of mid-model and late-model used automobiles. Approximately
5.85 million shares of common stock of Southern National were issued in
exchange for all the outstanding shares of Regional Acceptance.
In response to recent prohibitions by the Securities and Exchange
Commission against acquiring shares of common stock after a pooling of
interests, Southern National, acting under authority granted by the Board of
Directors, also announced that its share buyback program to repurchase up to
5 million shares of its common stock, approved by the Board in April 1995, has
been amended. Approximately 1.7 million shares remaining under that program
will be repurchased in the future only as needed for issuance in specific
business combinations to be accounted for as purchases.
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S I G N A T U R E
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SOUTHERN NATIONAL CORPORATION
(Registrant)
By: /S/ SHERRY A. KELLETT
Sherry A. Kellett
Executive Vice President and Controller
(Principal Accounting Officer)
Date: September 3, 1996
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