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BB&T COMPLETES ACQUISITION OF PEOPLES FEDERAL SAVINGS BANK OF THOMASVILLE

 BB&T COMPLETES ACQUISITION OF
 PEOPLES FEDERAL SAVINGS BANK OF THOMASVILLE
 WILSON, N.C., June 26 /PRNewswire/ -- BB&T Financial Corporation (NASDAQ-NMS: BBTF) has completed its acquisition of Peoples Federal Savings Bank of Thomasville, North Carolina. Peoples Federal has total assets of approximately $107 million and operates two offices in Thomasville, North Carolina.
 Under the terms of the agreement providing for its acquisition by BB&T and the related Plan of Conversion, Peoples Federal converted from a federally chartered mutual savings bank to a federally chartered stock savings bank and has become a wholly-owned thrift subsidiary of BB&T. A total of 382,395 shares of BB&T common stock were sold and issued in connection with the conversion and acquisition, resulting in net proceeds of approximately $9.7 million. Of the shares sold, 205,843 were sold to qualified depositors and borrowers of Peoples Federal and to residents of Davidson County in subscription and community offerings managed by Trident Securities, Inc. The remaining 176,552 shares were sold in a public offering through underwriters managed by Robinson- Humphrey Company, Inc. and Wheat First Butcher & Singer Capital Markets. BB&T expects the acquisition to be anti-dilutive in terms of earnings per share and book value per share to its shareholders.
 Peoples Federal is the sixth thrift institution acquired by BB&T since 1990. Thrift acquisitions have contributed approximately $1.3 billion in assets and 29 offices in nine counties. Subject to receipt of applicable regulatory approvals, BB&T plans to merge Peoples into Branch Banking and Trust Company, BB&T's North Carolina bank subsidiary, as soon as practicable. The five previously acquired thrifts have already been merged into Branch Banking and Trust Company.
 The conversion and acquisition will not affect the terms and balances of accounts in Peoples Federal or the FDIC insurance coverage of such accounts.
 "We are pleased to have this outstanding organization join BB&T," commented John A. Allison IV, chairman and chief executive officer of BB&T Financial Corporation. "Customers of Peoples Federal will continue to receive the same quality service from the same fine employees and will have access to an expanded line of products and services offered by BB&T."
 Kenneth F. Huffman, chairman and chief executive officer of Peoples Federal, stated, "We believe our customers, employees and our community will receive both immediate and long-term benefits from the resources and commitment of BB&T."
 BB&T Financial Corporation, through its two commercial bank subsidiaries and one thrift subsidiary, operates 217 offices in 116 cities and towns in North and South Carolina. BB&T has total assets of approximately $6.5 billion and is the fourth largest bank holding company in North Carolina. BB&T Financial Corporation common stock is traded on the Nasdaq National Market System and is listed under the symbol "BBTF."
 -0- 6/26/92
 /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; Peoples Federal Savings Bank ST: North Carolina IN: FIN SU: TNM


JZ -- CH007 -- 4293 06/26/92 14:49 EDT
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Date:Jun 26, 1992
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