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BB&T FINANCIAL CORPORATION ANNOUNCES PLANS TO ACQUIRE CITIZENS SAVINGS BANK, SSB

 WILSON, N.C., April 28 /PRNewswire/ -- John A. Allison IV, chairman and chief executive officer of BB&T Financial Corporation (NASDAQ-NMS: BBTF), and Jon L. Putnam, president and chief executive officer of Citizens Savings Bank, SSB, Mooresville, N.C., today jointly announced the approval by the respective board of directors of an Agreement and Plan of Reorganization to combine the two companies.
 Terms of the agreement and related Plan of Conversion adopted by Citizens Savings Bank provides for the conversion of Citizens Savings Bank from a state chartered mutual savings bank to a state chartered capital stock savings bank and for the simultaneous acquisition of Citizens Savings Bank by BB&T. The conversion and acquisition are subject to a number of conditions, including approval by applicable regulatory authorities and the affirmative vote of the eligible members of Citizens Savings Bank.
 The conversion and acquisition will not affect the terms and balances of accounts at Citizens Savings Bank or the FDIC insurance coverage of such account. BB&T expects to merge or otherwise combine Citizens Savings Bank into its North Carolina banking subsidiary, Branch Banking and Trust Company, as soon as practicable after the completion of the conversion and acquisition.
 In connection with the conversion and acquisition, shares of BB&T common stock will be offered in a subscription offering to Citizens Savings Bank's eligible account holders and in a community offering to residents of and companies headquartered in Iredell County. No public offering is anticipated. The number of shares to be offered in the subscription and community offerings will be determined by dividing the pro forma market value of Citizens Savings Bank, as determined by an independent appraiser, by the market price of BB&T common stock. The offerings will be made only by means of a prospectus.
 "Citizens Savings Bank is a healthy, high quality financial institution with a reputation for excellent customer service," commented Allison. "The proposed acquisition will enable us to enter a new market in Mooresville. We are excited about the prospects of having Citizens Savings Bank join our organization."
 Putnam said: "BB&T is an excellent institution. Both of our organizations are committed to fostering growth for our employees and the communities we serve. Our decision to affiliate with BB&T follows a thorough review of our strategic alternatives."
 Citizens Savings Bank, SSB,is headquartered in Mooresville, N.C., and reported assets of $63 million on March 31, 1993. It operates two branches in Mooresville.
 BB&T completed the merger of two thrifts with assets of $654 million in February and has pending agreements to acquire, in addition to Citizens Savings Bank, six additional North Carolina headquartered savings associations with total assets of approximately $1.2 billion: Carolina Savings Bank, Wilmington; Edenton Savings and Loan Association, Edenton; Mutual Savings Bank of Rockingham County, SSB, Inc., Reidsville; Old Stone Bank of North Carolina, FSB, High Point; Citizens Savings Bank, Inc., Newton, and Scotland Savings Bank, SSB, Laurinburg. BB&T also has a pending agreement to acquire the Winston-Salem and Raleigh operations of 1st Home Federal Savings and Loan Association of the Carolinas, F.A., which include approximately $187 million in assets.
 BB&T Financial Corporation reported total assets of $7.22 billion on March 31, 1993, and through its subsidiaries in North Carolina and South Carolina, operates 229 offices in 122 communities. BB&T Financial Corporation's largest subsidiary, Branch Banking and Trust Company, is the oldest bank in North Carolina having been organized in 1872. BB&T's common stock is traded on the NASDAQ/National Market System and is listed under the symbol "BBTF".
 -0- 4/28/93
 /CONTACT: B. Gloyden Stewart, Jr., Senior Vice President-Investor Relations, 919-399-4219, Scott E. Reed, Senior Executive Vice President & Treasurer, 919-399-4418, both of BB&T Financial Corporation, or Jon L. Putnam, President and Chief Executive Officer, Citizens Savings Bank, SSB, 704-664-3434/
 (BBTF)


CO: BB&T Financial Corporation; Citizens Savings Bank, SSB ST: North Carolina IN: FIN SU: TNM

MM -- CH015 -- 2304 04/28/93 17:25 EDT
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Date:Apr 28, 1993
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