South Street Financial Corporation

Ticker: -		155 West South Street
Exchange: NASDAQ-National Market		Albemarle, North Carolina 28001
Industry: Financial		(704) 982-9184

Type of Shares:	Common Shares	Filing Date:	5/24/96
U.S. Shares:	3,910,000	Offer Date:	10/4/96
Non-U.S. Shares:	0	Filing Price:	$10.00
Primary Shares:	3,910,000	Offer Price:	$10.00
Secondary Shares:	0	Gross Spread:
Offering Amount:	$39,100,000	Selling:
Expenses:	$526,380	Reallowance:
Shares Out After:	-

Manager	Tier	Phone
Trident Securities, Inc.	Lead Manager	(919) 781-8900

	Audited Income	Latest Unaudited Income	Prior Unaudited Income		Balance Sheet
	9/30/95	3/31/96	3/31/95		3/31/96
Revenue:	$12.11	$6.41	$5.89	Assets:	$166.98
Net Income:	$1.86	$0.30	$1.22	Liabilities:	$146.26
EPS:				Equity:	$20.72
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year

Business Description

The Holding Company is a North Carolina corporation recently organized by the Board of Directors of Home to acquire all of the capital stock that Home will issue upon its conversion from the mutual to stock form of ownership. The conversion of Home to stock form, the issuance of Home's capital stock of the Holding Company are referred to in their Prospectus as the "Conversion". The Holding Company has not as yet engaged in any business. Upon completion of the Conversion, its business will initially consist of owning Home, investing the proceeds of the Conversion that are retained by the Holding Company and holding the indebtedness to be outstanding from the ESOP. The Holding Company has received the approval of the Adminstrator and the Board of Governors of the Federal Reserve System to acquire Home.

Use of Proceeds

Proceeds from the proposed offering will be used to fund the transition from a mutual to a stock bank holding company.

Last updated: 12/8/96