NCNB Withdraws Citizens Bid: NCNB Corp., the...

NCNB Withdraws Citizens Bid: NCNB Corp., the mammoth banking concern of the Southeast, said it was withdrawing its $2.4-billion bid for Citizens & Southern Corp, Georgia’s largest bank company. NCNB, based in Charlotte, N.C., offered to merge with Citizens last month to create the nation’s sixth-largest banking concern. NCNB has more than $50 billion in assets, while Atlanta-based Citizens has about $21 billion. NCNB said its withdrawal was based on Citizen’s refusal to discuss a friendly merger. Earlier this month, Citizens called on NCNB to take back its bid, citing potential delays in obtaining regulatory approval.