Word: wachovia
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Dates: during 1990-1999
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NCNB, which acquired First RepublicBank of Texas in 1988, has long coveted C&S/Sovran. The proposed merger came only three days after Winston-Salem's Wachovia Corp. agreed to buy troubled South Carolina National for $800 million. The deals probably foreshadow a new wave of acquisitions, even among such big banks as Chemical, Chase Manhattan, Wells Fargo and Security Pacific. Says analyst James McDermott: "The industry is poised for a massive round of consolidations...