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CCB AND GRAHAM SAVINGS BANK ANNOUNCE PLANNED COMBINATION

 DURHAM, N.C., March 31 /PRNewswire/ -- The Executive Committee of the Board of Directors of CCB Financial Corporation (NASDAQ-NMS: CCBF), Durham, N.C., the parent bank holding company for Central Carolina Bank and Trust Company and the Board of Directors of Graham Savings Bank, SSB, a state chartered savings bank, Graham, N.C., announced today an agreement in principle whereby Graham Savings Bank will convert into the stock form of organization and simultaneously become a wholly owned subsidiary of CCB Financial Corporation. Graham Savings will be operated under the name "Graham Savings Bank, Inc., SSB" and with the same Board of Directors, management and employees. The simultaneous conversion and acquisition is subject to the execution of a definitive agreement and approval by the members of Graham Savings Bank at a forthcoming special meeting of members. The transaction is also subject to approval of the full Board of Directors of CCB Financial Corporation and various federal and state regulatory approvals.
 W.L. Burns, Jr., president of CCB stated: "We are delighted to have worked out this transaction with Graham Savings, a highly regarded thrift organization in Alamance County. Our affiliation with Graham Savings will strengthen our market share in Alamance County. We are looking forward to the opportunity to further expand upon the fine tradition of bringing first class banking services to the customers and communities served by Graham Savings."
 A.C. Motsinger, president of Graham Savings Bank stated: "We are most impressed with the financial performance of CCB and their long history of being one of the premiere bank holding companies in North Carolina and their dedication to banking in our State. We believe this is an excellent opportunity for our customers and employees to become affiliated with such a fine institution. Our officers and employees will continue to serve our customers and by our affiliation with CCB we will be able to provide an even broader range of service to compete in our marketplace.
 The final details of the conversion/acquisition will be finalized in a definitive agreement and presented to the members of Graham Savings Bank in the near future. The parties hope to consummate the transaction during the fall of 1993.
 At Dec. 31, 1992, CCB had 98 banking offices located primarily throughout the Central Piedmont of North Carolina. On such date CCB had total assets of $2,312,218,000 and total deposits of $2,028,506,000. On the same date, Graham Savings Bank had two banking offices in Graham and Burlington, N.C. with total assets of $109,211,000 and total deposits of $93,057,000.
 -0- 3/31/93
 /CONTACT: W. Harold Parker, Jr. of CCB Financial Corporation, 919-683-7631/
 (CCBF)


CO: CCB Financial Corporation; Graham Savings Bank ST: North Carolina IN: FIN SU: TNM

MM -- CH005 -- 1673 03/31/93 16:32 EST
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Publication:PR Newswire
Date:Mar 31, 1993
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