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CCB COMPLETES ACQUISITION OF MUTUAL SAVINGS BANK, SSB

 DURHAM, N.C., April 1 /PRNewswire/ -- CCB Financial Corporation (NASDAQ-NMS: CCBF), Durham, N.C., announced today that it had consummated its acquisition of Mutual Savings Bank, SSB, Lenoir, N.C. This is the first transaction of its kind whereby a state savings bank converted from mutual to stock form and simultaneously was acquired by a third party financial institution. In connection with its conversion, depositors of Mutual Savings purchased 284,282 shares of the $5.00 par value common stock of CCB at a discount from the then current value of CCB stock pursuant to Mutual's plan of conversion. Mutual Savings has changed its name to CCB Savings Bank of Lenoir, Inc., SSB and will continue to conduct its financial services business through its two full service locations.
 At Dec. 31, 1992, CCB had total assets of $2,312,218,000, total deposits of $2,028,506,000 and shareholders' equity of $189,845,000. Mutual Savings had total assets of $102,538,000, total deposits of $91,881,000 and retained earnings of $10,171,000.
 -0- 4/1/93
 /CONTACT: W. Harold Parker, Jr., CCB Financial Corporation, 919-683-7631/
 (CCBF)


CO: CCB Financial Corporation; Mutual Savings Bank, SSB ST: North Carolina IN: FIN SU: TNM

SB -- CH003 -- 1848 04/01/93 08:05 EST
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Publication:PR Newswire
Date:Apr 1, 1993
Words:215
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