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

 WILSON, N.C., April 26 /PRNewswire/ -- John A. Allison IV, Chairman and Chief Executive Officer of BB&T Financial Corporation (NASDAQ-NMS: BBTF), and William C. Fitzgerald, President and Chief Executive Officer of Scotland Savings Bank, SSB, 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 Scotland Savings Bank provides for the conversion of Scotland Savings Bank from a state chartered mutual savings bank to a state chartered capital stock savings bank and for the simultaneous acquisition of Scotland 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 Scotland Savings Bank.
 The conversion and acquisition will not affect the terms and balances of accounts at Scotland Savings Bank or the FDIC insurance coverage of such accounts. BB&T expects to merge or otherwise combine Scotland Savings Bank into its North Carolina banking subsidiary, Branth 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 Scotland Savings Bank's eligible account holders and in a community offering to residents of and companies headquartered in Scotland and Moore Counties. 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 Scotland 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.
 "We are excited about the prospects of having Scotland Savings Bank join our organization," commented Allison. "Scotland is a very healthy, high quality financial institution with an excellent customer base. The proposed acquisition will enable us to enter a new market in Scotland County and to expand our present operations and customer base in Moore County. The acquisition is a positive one for both organizations, as well as our respective customers."
 Fitzgerald said: "BB&T is an excellent institution. Our decision to affiliate with BB&T follows a thorough review of our strategic alternatives. We believe this decision will best serve the interests of our customers, employees and communities."
 Scotland Savings Bank, SSB is headquartered in Laurinburg, N.C., and reported assets of $55 million on March 31, 1993. It operates one branch in Laurinburg and one branch in Pinehurst, N.C.
 BB&T completed the merger of two thrifts with assets of $654 million in February and has pending agreements to acquire, in addition to Scotland Savings Bank, five additional North Carolina headquartered savings associations with total assets of approximately $1.1 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 and Citizens Savings Bank, Inc., Newton. 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- 4/26/93
 /CONTACT: B. Gloyden Stewart, Jr., Senior Vice President, Investor Relations, 919-399-4219, or Scott E. Reed, Senior Executive Vice President & Treasurer, 919-399-4418, both of BB&T Financial Corporation; or William C. Fitzgerald, President and Chief Executive Officer, Scotland Savings Bank, SSB, 919-276-2703/
 (BBTF)


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

JM-MM -- CH018 -- 1021 04/26/93 17:46 EDT
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Date:Apr 26, 1993
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