Mocksville Savings Bank announces plan to convert from mutual to stock form.

MOCKSVILLE, N.C.--(BUSINESS WIRE)--Sept. 28, 1995--J. Charles Dunn, President of Mocksville Savings Bank, SSB, of Mocksville, announced that on Sept. 19, 1995, the Board of Directors of Mocksville Savings approved a proposed plan to convert Mocksville Savings from a North Carolina-chartered mutual savings bank to a North Carolina-chartered stock savings bank.

The proposed Plan of Conversion contemplates the organization of a holding company to be called Stone Street Bancorp, Inc. which will acquire and own all of the shares of Mocksville Savings issued in the Conversion.

In connection with the Conversion, shares of Stone Street Bancorp stock will be offered to, among others, eligible account holders of Mocksville Savings as of June 30, 1994, eligible voting members of Mocksville Savings and to an employee stock ownership plan in a subscription offering, and to the general public in a community offering, giving preference first to natural persons residing in Davie County in North Carolina.

The number of shares of Stone Street Bancorp stock to be offered in the Conversion will be determined based upon the pro forma market value of Mocksville Savings and Stone Street Bancorp as determined by an independent appraiser. The offerings will be made only by means of a prospectus. Trident Securities, Inc. of Raleigh, N.C. will manage the offerings.

The Plan of Conversion must be approved by the Administrator of the Savings Institutions Division, North Carolina Department of Commerce and by at least a majority of the votes eligible to be cast by Mocksville Savings' members either by proxy or in person. The Conversion also is subject, among other things, to approval by the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation.

The dollar amounts, interest rates and general terms of deposit accounts and loans at Mocksville Savings will not be affected by the Conversion, and deposit accounts will continue to be insured by the Savings Association Insurance Fund of the Federal Deposit Insurance Corporation to the maximum extent provided by law. After the Conversion, Mocksville Savings will continue to provide its present services to depositors and borrowers under current policies to be carried out in its existing offices by its present management and staff. Mocksville Savings operates two offices located in Mocksville and Advance, North Carolina, and had assets of approximately $86 million as of Aug. 31, 1995.

CONTACT: Mocksville Savings Bank, Mocksville

J. Charles Dunn, 704/634-5936

or

Trident Securities, Inc., Raleigh

919/781-8900