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BB&T COMPLETES ACQUISITION OF CAROLINA SAVINGS BANK AND EDENTON SAVINGS AND LOAN ASSOCIATION

 WILSON, N.C., May 24 /PRNewswire/ -- BB&T Financial Corporation (NASDAQ-NMS: BBTF) has completed its acquisition of Carolina Savings Bank, Wilmington, N.C., and Edenton Savings and Loan Association, Edenton, N.C. The two thrift institutions have a total of 6 offices located in Wilmington, Carolina Beach, Wallace and Edenton.
 Under terms of the agreements providing for their acquisition by BB&T and the related Plans of Conversion, Carolina Savings Bank and Edenton Savings and Loan converted from state chartered mutual savings and loan associations to state chartered stock savings and loan associations. Both institutions have become wholly owned thrift subsidiaries of BB&T. A total of 507,182 shares of BB&T common stock were sold and issued in connection with the conversions and acquisitions, resulting in net proceeds to the company of approximately $15.3
million. Of the shares sold, 435,679 were sold to qualified depositors and borrowers and to community residents in subscription and community offerings managed by Trident Securities, Inc. The remaining 71,503 shares were sold in a public offering through underwriters managed by The Robinson-Humphrey Company, Inc., and Wheat First Butcher & Singer Capital Markets.
 Carolina Savings Bank has total assets of approximately $142 million and Edenton Savings and Loan has total assets of approximately $40 million. BB&T has now completed the acquisition of ten thrift institutions since 1990. The ten acquired thrifts have combined total assets of approximately $2.2 billion and operated 54 offices at acquisition. Subject to receipt of applicable regulatory approvals, BB&T plans to merge Carolina Savings Bank and Edenton Savings and Loan into Branch Banking and Trust Company, BB&T's North Carolina bank subsidiary, by the end of third quarter 1993.
 The conversions and acquisitions will not affect the terms and balances of accounts in Carolina Savings Bank and Edenton Savings and Loan or the FDIC insurance coverage of such accounts.
 "We are extremely pleased to have these two outstanding organizations join BB&T," commented John A. Allison IV, chairman and chief executive officer of BB&T Financial Corporation. "Customers of Carolina Savings Bank and Edenton Savings and Loan will continue to receive the same high-quality service from the same fine employees and will have access to an expanded line of products and services offered by BB&T."
 William N. Rose, president and chief executive officer of Carolina Savings Bank, said that everyone associated with Carolina Savings Bank will benefit from its acquisition by BB&T. "We are confident that the customers and communities served by Carolina Savings Bank, as well as Carolina Savings Bank's employees, will receive both immediate and long-term benefits from the resources and commitment of BB&T."
 James C. "Pete" Dail, president and chief executive officer of Edenton Savings and Loan, commented: "Edenton Savings' acquisition by BB&T brings together the resources of two customer-driven institutions in Chowan County. We are excited about the opportunities that our affiliation will bring."
 BB&T Financial Corporation reported total assets of $7.22 billion on March 31, 1993 and through its subsidiaries in North Carolina and South Carolina, operates 235 offices in 124 communities. BB&T Financial Corporation's largest subsidiary, Branch Banking and Trust Company, is the oldest bank in North Carolina having been organized in 1872. BB&T's common stock is traded on the Nasdaq/National Market System and is listed under the symbol "BBTF".
 -0- 5/24/93
 /CONTACT: B. Gloyden Stewart, Jr., Senior Vice President-Investor Relations, 919-399-4219, or Scott E. Reed, Senior Executive Vice President & Treasurer, 919-399-4418, both of BB&T Financial Corporation/
 (BBTF)


CO: BB&T Financial Corporation; Carolina Savings Bank; Edenton
 Savings Bank ST: North Carolina IN: FIN SU: TNM


CM-SB -- CH006 -- 1844 05/24/93 16:18 EDT
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Publication:PR Newswire
Date:May 24, 1993
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