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CENTURA BANKS INC. COMPLETES MERGER WITH ORANGE FEDERAL

 ROCKY MOUNT, N.C., Dec. 31 /PRNewswire/ -- Centura Banks Inc. (NYSE: CBC) announced today the completion of its merger with Orange Federal Savings and Loan. Orange Federal, which was a stockholder-owned institution, was based in Chapel Hill and had approximately $90 million in assets. Two of its four branch offices were located in Chapel Hill, the other two being in Carrboro and Hillsborough. All of the offices have reopened as Centura branch locations.
 Commenting on the merger, J. Richard Futrell Jr., chairman and chief executive officer at Centura Banks Inc., stated "Orange Federal has always been a well-managed thrift with conservative underwriting policies and a commitment to residential lending. In merging with Orange Federal, we are not only expanding our franchise, we are adding quality and diversity to our loan portfolio. With twelve percent of Orange County deposits, Orange Federal gives Centura a major presence in these attractive markets."
 With approximately $3 billion in assets, Centura Banks Inc. offers a broad range of personal, business and trust services through it two subsidiaries, Centura Bank and Mid-South Bank. It operates 130 branches in 71 cities located throughout North Carolina.
 -0- 12/31/92
 /CONTACT: A. Douglas Haynes, Director of Marketing, Centura Banks Inc., 919-977-8429/
 (CBC)


CO: Centura Banks Inc.; Orange Federal Savings and Loan ST: North Carolina IN: FIN SU: TNM

MM -- CH004 -- 0868 12/31/92 11:07 EST
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Publication:PR Newswire
Date:Dec 31, 1992
Words:229
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