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BANKING & FINANCE

From Times Staff and Wire Reports

2 North Carolina Banks to Merge: The $2.2-billion stock deal between BB&T; Financial Corp. and Southern National Corp., two of the state’s best-known banks, would create the sixth-largest banking company in the Southeast. About 1,000 jobs, or 10% of the combined work forces, would be cut and 70 branches closed in forming the new holding company, which would carry the name Southern National Corp. The company would be the nation’s 35th-largest bank, with assets of more than $18 billion.


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