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CONTACT: SOUTHTRUST CORPORATION HOME SAVINGS
MEDIA: XXXX XXXXX MEDIA: XXXXXX XXXXXXXXX
(000) 000-0000 (000) 000-0000
INVESTOR: XXXXX XXXXXX INVESTOR: XXXXX XXXXXX
(000) 000-0000 (000) 000-0000
FOR IMMEDIATE RELEASE
SOUTHTRUST, HOME SAVINGS SIGN DEFINITIVE AGREEMENT
FOR BRANCHES ON FLORIDA'S EAST COAST
BIRMINGHAM, Ala. (December 4, 1997) -- SouthTrust Corporation (NASDAQ:
SOTR) and Home Savings of America, a subsidiary of H.F. Ahmanson & Company
(NYSE: AHM), announced today that they have signed a definitive agreement for
the purchase of the remaining 27 Florida branches of Savings of America by
SouthTrust Bank, N.A. The branches, with approximately $3.4 billion in deposits,
are located on the east coast of Florida. Home Savings will receive a cash
premium of nine percent for a total of approximately $300 million. The purchase,
which is subject to certain conditions and regulatory approvals, is slated to be
completed mid-year 1998.
In June of this year, SouthTrust purchased 12 Savings of America
branches on the west coast of Florida with deposits totaling approximately $974
million. The sale of the remaining Florida branches is part of Home Savings'
strategy to consolidate its deposit gathering activities in areas where it can
effectively compete for market share. Home Savings stressed it will continue to
make residential mortgage loans in Florida through its 21 mortgage lending
offices located on the state's east and west coasts.
"Florida is experiencing significant growth, and we're pleased to have
this opportunity to
-more-
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SOUTHTRUST, HOME SAVINGS SIGN DEFINITIVE AGREEMENT
DECEMBER 4, 1997
PAGE TWO
augment and expand our presence on its east coast," said Xxxxxxx X. Xxxxxx, Xx.,
chairman and chief executive officer of SouthTrust Corporation. "Establishing a
new or expanded presence in these desirable new markets--Indian River, St. Lucie
and Dade Counties--is a key component of our strategy to serve the fastest
growing areas of Florida."
Xxxxxxx X. Xxxxxx, chief executive officer of SouthTrust's Florida
operation, said, "The banking environment in Florida is changing rapidly, and
clearly we are committed to growing a strong and dynamic network in the state.
SouthTrust now operates more branch locations and ATMs in Florida than in any
other state in which it operates."
Xxxxxx added, "We've recently acquired Equity Bank and Charter Bank,
both of Delray Beach, and have a pending agreement with Xxxxxxx Xxxxx, Inc. for
the 58-office First of America Bank, Florida FSB franchise which should be
completed during 1998. After the completion of the pending transactions,
SouthTrust will have in excess of $10 billion of deposits in Florida and will
have the fourth largest share of deposits in the state."
SouthTrust Bank currently operates 174 banking locations in Florida.
The Savings of America offices involved in the agreement are located in the
following cities: Boca Raton, Boynton Beach, Coral Gables, Deerfield Beach,
Delray Beach, Fort Lauderdale, Fort Xxxxxx, Hallandale, Hollywood,
Jupiter-Tequesta, Lake Worth, Lighthouse Point, Margate, Miami Beach, Miami
Shores, North Miami Beach, Pembroke Pines, Pompano Beach, South Miami Beach,
Sunrise, Surfside, Tamarac and West Palm Beach.
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SOUTHTRUST, HOME SAVINGS SIGN DEFINITIVE AGREEMENT
DECEMBER 4, 1997
PAGE THREE
SouthTrust Bank is an affiliate of SouthTrust Corporation, a $29.8
billion (as of 9/30/97) regional bank holding company with headquarters in
Birmingham, Ala. SouthTrust Corporation operates more than 540 banking offices
in Florida, Alabama, Georgia, Mississippi, Tennessee and the Carolinas. The
company offers a complete line of banking and other related financial services
to commercial and retail customers. SouthTrust, xxxx://xxx.xxxxxxxxxx.xxx, ranks
among the 30 largest commercial bank holding companies in the United States and
is the 6th largest in the Southeast.
Home Savings of America, with assets of more than $46 billion, is one
of the nation's largest full-service consumer and small business banks. It
currently operates 301 retail branches in California and 44 in Texas, as well as
125 mortgage lending offices in 13 states.
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