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Raintree21

Scottish Bank Bought

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SCBT Financial Corporation, based out of Columbia, announced today that they were going to buy Charlotte based Scottish Bank. Will this have any affect on Charlotte you think? Scottish Bank has something like 5 branches in Mecklenburg (not sure about elsewhere) and $192.9 million in assets.

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No significant impact. The bank will still be here, just the management will change, right?

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SCBT Financial Corporation, based out of Columbia, announced today that they were going to buy Charlotte based Scottish Bank. Will this have any affect on Charlotte you think? Scottish Bank has something like 5 branches in Mecklenburg (not sure about elsewhere) and $192.9 million in assets.

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First Charter was also just bought last week by an out-of-town bank -- Fifth Third of Cincinnati. And, 250 Wachovia jobs were just cut in Charlotte due to the Wachovia purchase of AG Edwards from St. Louis yesterday. Because of this, Wachovia Securities is moving their HQ to St. Louis. That's a lot to happen in one week to Charlotte-based banks.

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Charlotte's getting a taste of its own medicine, eh? :)

Not that I keep up with the banking industry, but I didn't know that about Wachovia Securities. I wonder how that might affect Richmond?

No significant impact. The bank will still be here, just the management will change, right?

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Charlotte's getting a taste of its own medicine, eh? :)

Not that I keep up with the banking industry, but I didn't know that about Wachovia Securities. I wonder how that might affect Richmond?

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As far as Fifth Third goes, I think this is actually a positive thing for Charlotte. They have been wanting to penetrate the Southeast market for quite some time. Putting a footprint here with the two big dogs in BoA and Wachovia should create more competition. It's a win-win for CLT and 5/3.

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No point in creating a new thread for such a small question, but I haven't heard anything regarding First Charter's free checking operations and what might happen now that Fifth Third will be over it. Does anyone know if operations of Fifth Third are similar to that of First Charter or if First Charter is in for big changes with the takeover?

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No point in creating a new thread for such a small question, but I haven't heard anything regarding First Charter's free checking operations and what might happen now that Fifth Third will be over it. Does anyone know if operations of Fifth Third are similar to that of First Charter or if First Charter is in for big changes with the takeover?

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