SECURITIES AND EXCHANGE COMMISSION
                                       Washington, D.C.

          Litigation Release No.  15914 /  September 30, 1998


          SECURITIES AND EXCHANGE COMMISSION V. JAMES BOWMAN AND WALLACE
          BOWMAN, Civil Action No. CA-98-1419-A (E.D.Va.) (filed September
          30, 1998)

          SEC Files Complaint Against Former Director And His Brother For
          Insider Trading Prior To 1996 Bank Merger; Settles With
          Defendants For $31,074

               On September 30, 1998, the Commission filed a civil
          complaint in the United States District Court for the Eastern
          District of Virginia alleging that James Bowman, a former
          director of F&M National Corporation ("F&M"), traded in the
          securities of Allegiance Banc Corporation ("Allegiance") and
          tipped his brother, Wallace Bowman, who also traded in
          Allegiance, prior to the companies' April 22, 1996 public
          announcement that the companies had entered into a definitive
          agreement for F&M to acquire Allegiance through a stock swap.

               The Commission's complaint alleges that in March 1996, James
          Bowman, a director of F&M, purchased a total of 2000 shares of
          Allegiance common stock (NASDAQ: ALLG) while in possession of
          material, nonpublic information about the merger, reaping $8,125
          in profits when he sold the shares shortly after the
          announcement.  The complaint further alleges that in January and
          March 1996, Wallace Bowman, James Bowman's brother, bought a
          total of 1000 shares of Allegiance common stock, earning $4,250
          in profits when he sold the shares shortly after the
          announcement.  Two days before each of Wallace Bowman's
          purchases, James Bowman attended meetings of F&M's Board of
          Directors during which the Board approved offers for Allegiance.
          The Commission's complaint alleges that Wallace and James Bowman
          spoke shortly after each of these meetings, at which time James
          provided material, nonpublic information to Wallace concerning
          the merger in breach of James' fiduciary duty to F&M.  James
          Bowman resigned as an F&M director in July 1996, after a National
          Association of Securities Dealers' inquiry identified him as
          having traded in Allegiance stock prior to the merger
          announcement.

               The Commission's complaint seeks a permanent injunction
          against James and Wallace Bowman for violations of the antifraud
          provisions of the Securities Exchange of 1934 ("Exchange Act"),
          disgorgement of their profits, and civil penalties pursuant to
          the Insider Trading Sanctions Act, Section 21A of the Exchange
          Act ("ITSA").  Simultaneously with the filing of the Commission's
          complaint, James Bowman consented, without admitting or denying
          the allegations of the complaint, to the entry of a final
          judgment permanently enjoining him from violating Section 10(b)
          of the Exchange Act and Rule 10b-5 thereunder, and ordering him
          to pay $21,862, which comprises $8,125 in disgorgement of his
          illicit profits, $1,362 in prejudment interest thereon, and a
          $12,375 ITSA penalty (representing a penalty on his profits and
          Wallace Bowman's profits).  Also simultaneously with the filing
          of the Commission's complaint, Wallace Bowman consented, without
          admitting or denying the allegations of the complaint, to the
          entry of a final judgment permanently enjoining him from
          violating Section 10(b) of the Exchange Act and Rule 10b-5
          thereunder, and ordering him to pay $9,212, which comprises
          $4,250 in disgorgement of his illicit profits, $712 in prejudment
          interest thereon, and a $4,250 ITSA penalty.