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FIRST CITIZENS BANK PLANS TO PURCHASE TWO NATIONSBANK OFFICES IN ROCKINGHAM COUNTY

 RALEIGH, N.C., June 1 /PRNewswire/ -- First Citizens Bank (NASDAQ-NMS: FCNCA) plans to purchase two Rockingham County offices from NationsBank (NYSE: NB), according to James B. Hyler Jr., president of First Citizens Bank.
 The two banks entered into a purchase and assumption agreement last week. Subject to approval from the Federal Deposit Insurance Corporation, the Federal Reserve and the North Carolina State Banking Commission, First Citizens plans to acquire the deposits, certain loans and facilities of NationsBank's Stoneville and Wentworth offices.
 The Stoneville office, located at 105 S. Henry St., has deposits of approximately $16.7 million. The Wentworth location at Highways 87 and 65 has approximately $8.7 million in deposits. Terms of the agreement were not disclosed. The transaction is expected to be completed during the fourth quarter.
 The decision to purchase the offices is a strategic one for First Citizens, according to Hyler. "We have been serving the residents of Rockingham County for more than a quarter century," he says. "We are excited about the possibility of further strengthening our presence in this important market." First Citizens has an office in Eden, three in Madison and one in Reidsville.
 Doyle Hayes, senior banking executive for NationsBank in Eden, said the sale allows NationsBank to fine tune its branch delivery system. "The employees of these two offices have done an outstanding job of serving their customers, and we're confident these two offices, their employees and their customers will become a valuable part of the First Citizens family," Hayes said.
 First Citizens Bank is a $5.3 billion Raleigh-based institution serving North Carolina with 317 offices in 170 cities and towns across the state.
 NationsBank Corp. is the nation's fifth-largest banking company with $121 billion in assets and offices in nine states and the District of Columbia.
 -0- 6/1/93
 /CONTACT: Noel McLaughlin, Senior Vice President, First Citizens Bank, 919-755-2716, or Chris Spencer, Communications Officer, NationsBank, 803-929-5427/
 (FCNCA NB)


CO: First Citizens Bank; NationsBank Corporation ST: North Carolina IN: FIN SU: TNM

SB -- CH011 -- 4088 06/01/93 16:01 EDT
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Publication:PR Newswire
Date:Jun 1, 1993
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