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SunTrust Merger Affects Raleigh, N.C., Area.

By Steve Cannon, The News & Observer, Raleigh, N.C. Knight Ridder/Tribune Business News

May 10--The parent company of Central Carolina Bank said Sunday it will merge with SunTrust Banks of Atlanta, creating the nation's seventh-largest bank.

SunTrust will pay roughly $7 billion in a stock and cash transaction to acquire Memphis-based National Commerce Bank's network of 489 branches in eight states including North Carolina.

The deal is the latest in a wave of bank mergers that have swept the banking industry in the past year, as midsized banks

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