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BB&T FINANCIAL CORPORATION ANNOUNCES PLANS TO ACQUIRE ASHEVILLE SAVINGS BANK, SSB

 WILSON, N.C., June 22 /PRNewswire/ -- John A. Allison IV, chairman and chief executive officer of BB&T Financial Corporation (NASDAQ-NMS: BBTF), and John B. Dickson, president and chief executive officer of Asheville Savings Bank, SSB, Asheville, N.C., today jointly announced the approval by the respective board of directors of an Agreement and Plan of Reorganization to combine the two companies.
 Terms of the agreement and related Plan of Conversion adopted by Asheville Savings Bank provides for the conversion of Asheville Savings Bank from a state chartered mutual savings bank to a state chartered capital stock savings bank and for the simultaneous acquisition of Asheville Savings Bank by BB&T. The conversion and acquisition are subject to a number of conditions, including approval by applicable regulatory authorities and the affirmative vote of the eligible members of Asheville Savings Bank.
 The conversion and acquisition will not affect the terms and balances of accounts at Asheville Savings Bank or the FDIC insurance coverage of such accounts. BB&T expects to merge or otherwise combine Asheville Savings Bank into its North Carolina banking subsidiary, Branch Banking and Trust Company, as soon as practicable after the completion of the conversion and acquisition.
 In connection with the conversion and acquisition, shares of BB&T common stock will be offered (at a discount to the then-market price, subject to certain conditions) in a subscription offering to Asheville Savings Bank's eligible account holders and in a community offering to residents of Buncombe, McDowell, Madison and Henderson counties. The number of shares to be offered in the subscription and community offerings will be determined by dividing the pro forma market value of Asheville Savings Bank, as determined by an independent appraiser, by the market price of BB&T common stock. The offerings will be made only by means of a prospectus.
 The parties also contemplate that BB&T will provide $3,000,000 in charitable contributions to be distributed by Asheville Savings Bank's Board of Directors in the communities served by Asheville Savings Bank. The parties also contemplate providing a cash bonus payable to Asheville Savings Bank's depositors equal to 1 percent of their deposit balances if they maintain their deposits for one year after acquisition. Additional details about the deposit bonus will be available at each Asheville Savings Bank branch.
 "Asheville Savings Bank is a healthy, high quality financial institution with a reputation for excellent customer service," commented Allison. "We are excited about the prospects of having Asheville Savings Bank join our organization."
 Dickson said, "Our decision to affiliate with BB&T follows a thorough review of our strategic alternatives. We believe this decision will best serve the interests of our customers, employees and communities."
 Asheville Savings Bank, SSB is headquartered in Asheville, N.C. and reported assets of $325 million on March 31, 1993. It operates nine branches in Asheville, Black Mountain, Marion, Mars Hill and Hendersonville.
 BB&T completed the merger of two thrifts with assets of $654 million in February, two thrifts with assets of $193 million in May and acquired the Winston-Salem and Raleigh operations of 1st Home Federal Savings and Loan Association of the Carolinas, F.A. which included $187 million in assets in June. BB&T has pending agreements to acquire, in addition to Asheville Savings Bank, six additional North Carolina headquartered savings banks with total assets of approximately $1.2 billion: Old Stone Bank of North Carolina, FSB, High Point; Citizens Savings Bank, Inc., Newton; Mutual Savings Bank of Rockingham County, SSB, Reidsville; Scotland Savings Bank, SSB, Laurinburg; Citizens Savings Bank, SSB, Mooresville; and Home Savings Bank of Albemarle, SSB, Albemarle.
 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 241 offices in 126 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- 6/22/93
 /CONTACT: B. Gloyden Stewart, Jr., Senior Vice President, Investor Relations, 919-399-4219, Scott E. Reed, Senior Executive Vice President & Treasurer, 919-399-4418, or John B. Dickson, President and Chief Executive Officer, Asheville Savings Bank, SSB, 704-254-7411/
 (BBTF)


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

MM-CM -- CH009 -- 4723 06/22/93 17:11 EDT
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Date:Jun 22, 1993
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