Printer Friendly

BB&T FINANCIAL CORPORATION ANNOUNCES PLANS TO ACQUIRE CAROLINA SAVINGS BANK

 BB&T FINANCIAL CORPORATION ANNOUNCES PLANS
 TO ACQUIRE CAROLINA SAVINGS BANK
 WILSON, N.C., June 23 /PRNewswire/ -- John A. Allison, IV, chairman and chief executive officer of BB&T Financial Corporation (NASDAQ-NMS: BBTF), Wilson, North Carolina, and William N. Rose, president and chief executive officer of Carolina Savings Bank, Wilmington, North Carolina, today jointly announced the approval by the respective boards of directors of an Agreement and Plan of Reorganization to provide for the acquisition of Carolina Savings by BB&T.
 Terms of the agreement and related Plan of Conversion provide for the conversion of Carolina Savings from a mutual to a capital stock savings and loan association, and for the simultaneous acquisition of Carolina Savings 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 a majority of the votes which may be cast by eligible members of Carolina Savings.
 The conversion and acquisition will not affect the terms and balances of accounts in Carolina Savings or the FDIC insurance coverage of such accounts. BB&T expects to merge the Carolina Savings offices into its North Carolina banking subsidiary, Branch Banking and Trust Company, as soon as practicable after the completion of the conversion and the acquisition.
 Commenting on the announcement, Rose said, "Our decision followed an extensive review of Carolina Savings' strategic alternatives. We firmly believe the decision to affiliate with BB&T will serve the best interests of our customers, employees and community."
 Allison added, "We are excited about the prospects of having Carolina Savings join our organization. Carolina Savings has provided quality service to the Wilmington area for eighty years. We look forward to continuing this with the expanded line of products and services available at BB&T."
 In connection with the conversion and acquisition, shares of BB&T common stock will be offered in a subscription offering to Carolina Savings' voting members and to its eligible account holders as of December 31, 1991, and in a community offering to residents of New Hanover, Duplin, Pender and Brunswick Counties, North Carolina. Shares not sold in the subscription and community offerings may be offered to the public in an underwritten offering. The Plan of Conversion as adopted by Carolina Savings provides that the price in the subscription and community offerings will be equal to 95 percent of the public offering price or, in the event that there is no public offering, 95 percent of a specified market price of BB&T common stock at the time the offerings conclude. The number of shares to be offered in the subscription and community offerings will be determined by dividing the pro forma market value of Carolina Savings, as determined by an independent appraiser, by the offering price in the subscription and community offerings. The offerings will be made only by means of a prospectus. It is expected that the proposed transaction will be anti-dilutive in terms of earnings per share to BB&T shareholders.
 Carolina Savings operates three offices in Wilmington, North Carolina (New Hanover County), one office in Carolina Beach (New Hanover County) and one office in Wallace, North Carolina (Duplin County). Carolina Savings had total assets of approximately $152.8 million as of March 31, 1992.
 BB&T Financial Corporation, through its two commercial bank subsidiaries, operates 215 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- 6/23/92
 /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; or William N. Rose, President and Chief Executive Officer, Carolina Savings Bank, 919-341-3200/
 (BBTF) CO: BB&T Financial Corporation; Carolina Savings Bank ST: North Carolina IN: FIN SU: TNM


JZ -- CH005 -- 3043 06/23/92 18:10 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 23, 1992
Words:678
Previous Article:425,000 EDUCATION ALTERNATIVES COMMON SHARES OFFERED AT $7.00 PER SHARE
Next Article:LET THE GAMES BE SEEN....1992 SUMMER OLYMPIC GAMES EXCITE LARGE-SCREEN TELEVISION PURCHASES
Topics:


Related Articles
BB&T AND PEOPLES FEDERAL ANNOUNCE REGULATORY APPROVAL OF CONVERSION AND ACQUISITION, SOLICITATION OF MEMBERS, COMMENCEMENT OF STOCK OFFERINGS
BB&T COMPLETES ACQUISITION OF PEOPLES FEDERAL SAVINGS BANK OF THOMASVILLE
POUGHKEEPSIE SAVINGS BANK ANNOUNCES SALE OF SOUTH CAROLINA BRANCHES
CCB COMPLETES ACQUISITION OF MUTUAL SAVINGS BANK, SSB
BB&T FINANCIAL CORPORATION ANNOUNCES PLANS TO ACQUIRE ASHEVILLE SAVINGS BANK, SSB
BB&T FINANCIAL CORPORATION AND MUTUAL SAVINGS BANK OF ROCKINGHAM COUNTY, SSB ANNOUNCE APPROVAL OF CONVERSION/MERGER
BB&T FINANCIAL CORPORATION COMPLETES ACQUISITION OF CITIZENS SAVINGS BANK, SSB, INC.
BB&T FINANCIAL CORPORATION COMPLETES ACQUISITION OF MUTUAL SAVINGS BANK OF ROCKINGHAM COUNTY, S.S.B.
HOME SAVINGS AND BB&T DISPUTE FDIC CONCLUSIONS
Carolina First To Purchase Lowcountry Savings Bank

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters