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PIONEER BANCORP, INC. STOCKHOLDERS APPROVE AGREEMENT TO BE ACQUIRED BY FIRST CITIZENS BANCSHARES, INC.

 ROCKY MOUNT, N.C., Sept. 9 /PRNewswire/ -- Pioneer Bancorp, Inc. (NASDAQ: PSBN) headquartered in Rocky Mount, N.C., announced that at a Special Meeting held today, its stockholders approved the acquisition of the corporation by First Citizens BancShares, Inc. (NASDAQ: FCNCA). As provided by the Aug. 6, 1993, Agreement between the parties, Pioneer's stockholders on the effective date of the merger will be entitled to receive approximately $2.18 per share, for a total of approximately $3.8 million.
 Subject to the satisfaction of all contingent governmental approvals and other conditions as set forth in the merger agreement, the parties currently anticipate that the acquisition will be completed on or about Sept. 23, 1993.
 Raleigh-based First Citizens is a $5.4 billion statewide full-service financial institution that operates 308 offices in 172 towns and cities in North Carolina. Pioneer is a $309 million thrift institution that operates 19 offices in 17 communities.
 -0- 9/9/93
 /CONTACT: Ed Roughton, President, Pioneer Bancorp, 919-446-0611/
 (PSBN FCNCA)


CO: Pioneer Bancorp, Inc.; First Citizens BancShares, Inc. ST: North Carolina IN: FIN SU: TNM

SB -- CH011 -- 0533 09/09/93 17:43 EDT
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Publication:PR Newswire
Date:Sep 9, 1993
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