South Financial Group Acquires Gardner Associates

The South Financial Group Inc. announced it acquired Gardner Associates Inc., an independent insurance agency based in Columbia, S. C., effective September 20, 2002. Terms of the transaction were not disclosed.

Gardner Associates provides general commercial insurance services and surety bonds to construction, light manufacturing and other commercial businesses in the Carolinas. Founded in 1988, it has offices in Columbia, S. C. and Charlotte, N. C.

Gardner Associates will retain its identity and will continue to operate in two locations under the leadership of its founder and president, Barr H. Gardner III. Gardner will continue to serve as president of this entity following the acquisition.

The South Financial Group is headquartered in Greenville, S. C.