Printer Friendly

BB&T FINANCIAL CORPORATION AND MUTUAL SAVINGS BANK OF ROCKINGHAM COUNTY, SSB ANNOUNCE APPROVAL OF CONVERSION/MERGER

 WILSON, N.C., Aug. 24 /PRNewswire/ -- Robert H. Roach, president and chief executive officer of Mutual Savings Bank of Rockingham County, SSB in Reidsville, N.C., announced today that Mutual Savings received approval from the Administrator of the North Carolina Savings Institution Division, Raleigh, N.C., to convert from a North Carolina chartered mutual savings bank to a North Carolina chartered stock savings bank and to concurrently become a wholly owned subsidiary of BB&T Financial Corporation (NASDAQ-NMS: BBTF). After the acquisition, Mutual Savings will be merged or otherwise consolidated with Branch Banking and Trust Company, a North Carolina bank subsidiary of BB&T. Under the Plan of Conversion, BB&T will offer up to approximately $8 million of BB&T common stock at various prices to certain members of Mutual Savings in a Subscription Offering and to residents of Rockingham County, N.C., in a simultaneous Community Offering.
 Roach stated: "Our normal day-to-day operations at Mutual Savings will continue without interruption. The conversion/merger will not affect the terms of any existing loans or the amount or withdrawability of any depositors' savings accounts or other deposits. Depositors will continue to have their accounts insured by the FDIC as provided by law."
 Roach also stated, "Information relating to the proposed transaction is available in the Prospectus Proxy Statement that has been sent to certain members of Mutual Savings." Mutual Savings' eligible account holders and borrowers will have the opportunity to purchase BB&T stock through a Subscription Offering that currently is expected to close Sept. 9, 1993. Subject to certain restrictions, certain purchasers in the Subscription Offering will generally be allowed to subscribe for shares of BB&T common stock either at 85 percent or 95 percent and purchasers in the Community Offering may subscribe for stock at 95 percent of the last sale price of a share of BB&T Common Stock quoted on the National Association of Securities Dealers Automated Quotation System National Market System prior to the close of business on the last day of the offerings (currently expected to be Sept. 9, 1993). The Subscription and Community Offerings are being managed by Trident Securities, Inc., of Raleigh, N.C. Additional questions may be answered by telephoning the Stock Information Center in Reidsville at 919-342-6995.
 BB&T, a North Carolina corporation headquartered in Wilson, N.C., is a bank holding company and a savings and loan holding company. BB&T's common stock is traded on the Nasdaq (National Association of Securities Dealers Automated Quotation) National Market System under the symbol "BBTF".
 -0- 8/24/93
 /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; or Robert H. Roach, President & Chief Executive Officer of Mutual Savings Bank of Rockingham County, 919-349-7017/
 (BBTF)


CO: BB&T Financial Corporation; Mutual Savings Bank of Rockingham
 County, SSB ST: North Carolina IN: FIN SU: TNM


MM -- CH005 -- 5539 08/24/93 15:35 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 24, 1993
Words:498
Previous Article:EPA ANNOUNCES RELEASE OF PUBLIC HEALTH ADVISORY FOR THE TENNESSEE PRODUCTS SITE IN CHATTANOOGA, TENN.
Next Article:FIRST CITIZENS PROPOSES ACQUISITION OF THE BANK OF BLADENBORO
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters