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SECURITY FINANCIAL HOLDING COMPANY ANNOUNCES INCREASE IN DIVIDEND

 SECURITY FINANCIAL HOLDING COMPANY ANNOUNCES INCREASE IN DIVIDEND
 DURHAM, N.C., July 20 /PRNewswire/ -- Security Financial Holding Company (NASDAQ-NMS: SECF), the parent of Security Federal Savings Bank, Durham N.C., announced today that its Board of Directors has increased its quarterly cash dividend to $.11 per share. The dividend, which is payable Aug. 7, 1992 to shareholders of record as of July 27, 1992, represents the seventh consecutive quarterly increase since the original level established in the fourth quarter of 1990.
 Larry D. Brock, President and Chief Executive Officer of the Company, stated, "We are gratified to have had the financial strength and earnings momentum to support our program of consistently increasing dividends. Our ability to sustain this record of increasing dividends is, in large measure, due to the Bank's outstanding level of growth."
 As previously announced, Security Financial Holding Company and BB&T Financial Corporation (NASDAQ-NMS: BBTF) have agreed to merge, subject to regulatory and shareholder approval. As part of the transaction, Security Financial Holding Company stockholders will receive 0.7863 shares of BB&T stock for each share of Security Financial stock they own, subject to certain adjustments based on the price of BB&T's stock prior to closing. Based on the closing price of BB&T stock on May 13, 1992, the date of the announcement, the transaction had an indicated value of $42.7 million, or $23.20 per share of Security Financial stock. This equates to 1.33 times Security Financial's stated book value.
 Security Federal Savings Bank, the wholly-owned subsidiary of Security Financial Holding Company, is the largest savings bank in Durham, N.C. With $341 million in assets, it provides a full range of financial services through nine locations in the Durham, Butner/Creedmoor and Chapel Hill areas.
 -0- 7/20/92
 /CONTACT: Larry D. Brock, President & Chief Executive Officer, or Robert F. Stockwell, Chief Financial Officer, Security Financial Holding Company, 919-687-7200/
 (SECF BBTF) CO: Security Financial Holding Company; Security Federal Savings
 Bank; BB&T Financial Corporation ST: North Carolina IN: FIN SU: DIV


CM -- CH003 -- 0652 07/20/92 10:37 EDT
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Publication:PR Newswire
Date:Jul 20, 1992
Words:350
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