LoneSource.com Provides Online Procurement Services to Newly Merged Central Carolina Bank and National Bank of Commerce

LoneSource.com Provides Online Procurement Services to Newly Merged Central Carolina Bank and National Bank of Commerce

Business Editors, High Tech Writers

CARY, N.C.–(BUSINESS WIRE)–Sept. 17, 2001

LoneSource.com today announced that newly merged CCB Financial/National Commerce Bank Corp. is subscribing to the online LoneSource supplies procurement and budget management solution in a strategic effort to reduce the cost and improve control of its banking supplies procurement activities.

“The newly merged National Commerce Financial is among the best performing banking institutions in the nation,” notes Bradley King, LoneSource chief executive officer. “We are excited that such a competitive and successful organization as National Commerce Financial is onboard and validating the benefits of the LoneSource system.”

“LoneSource offers National Commerce Financial an extremely cost-effective way to manage supplies procurement at all levels of our business, including branch banks,” says Dave Wagoner, Senior Vice President. “We are impressed with LoneSource’s easy-to-use web site and sophisticated procurement and budget control features. We expect to gain significant savings and efficiency over the next few months.”

National Commerce Financial Corporation, headquartered in Memphis, Tenn., has assets of more than $17.9 billion and is the Southeast’s premier high-growth banking franchise.

LoneSource is a leading e-commerce provider of innovative procurement solutions for the banking industry. LoneSource’s proprietary procurement/information processing platform combined with its consortium purchasing capabilities dramatically reduces procurement and management costs through reduced pricing and real-time intelligence on customer spending, budgeting and peer-based spending comparison services. LoneSource currently serves 50 banks in North Carolina, Missouri and Tennessee, and employs 21 full and part-time professionals. The company recently expanded it headquarters facilities at 110 MacKenan Drive in Cary, NC, to accommodate healthy growth in its banking supplies procurement business and the relocation of the Business-Supply business unit.

COPYRIGHT 2001 Business Wire

COPYRIGHT 2001 Gale Group