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BB&T FINANCIAL CORPORATION ANNOUNCES PLANS TO ACQUIRE HOME SAVINGS BANK OF ALBEMARLE, SSB

 WILSON, N.C., May 27 /PRNewswire/ -- John A. Allison IV, chairman and chief executive officer of BB&T Financial Corporation (NASDAQ-NMS: BBTF) and Carl M. Hill, president and chief executive officer of Home Savings Bank of Albemarle, SSB, 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 Home Savings provide for the conversion of Home Savings from a state chartered mutual savings bank to a state chartered capital stock savings bank and for the simultaneous acquisition of Home 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 the eligible members of Home Savings.
 The conversion and acquisition will not affect the terms and balances of accounts at Home Savings or the FDIC insurance coverage of such accounts. BB&T expects to merge or otherwise combine Home Savings 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 in a subscription offering (at a 15 percent discount to the then-market price, subject to certain conditions) to Home Savings' eligible account holders and in a community offering (at a 5 percent discount to the then-market price) to residents of and companies headquartered in Stanly County. No public offering is anticipated. The number of shares to be offered in the subscription and community offerings will be determined by dividing the pro forma market value of Home Savings, 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 $2,000,000 in charitable contributions to be distributed by the Home Savings Board of Directors and a cash bonus payable to Homes Savings' depositors equal to 1 percent of their deposit balances if they maintain their deposits for one year after the acquisition. Additional details about the deposit bonus will be available at each Home Savings branch.
 "We are excited about the prospects of having Home Savings join our organization," commented Allison. "Strong financial performance, exceptional capital strength and quality customer service are hallmarks of this fine institution."
 Commenting on the announcement, Hill said, "BB&T is an excellent institution. Our decision to affiliate with BB&T follows a review of our strategic alternatives. We believe this decision will best serve the interests of our customers, employees and communities."
 Home Savings Bank of Albemarle, SSB is headquartered in Albemarle, N.C. and reported assets of $162 million on March 31, 1993. It operates two branches which are located in Albemarle and Locust, N.C.
 BB&T completed the acquisition of two thrifts with assets of $654 million in February and two thrifts with assets of $193 million in May 1993 and has pending agreements to acquire in addition to Home Savings, five additional North Carolina headquartered savings associations with total assets of approximately $1.0 billion: Mutual Savings Bank of Rockingham County, SSB, Inc., Reidsville; Old Stone Bank of North Carolina, FSB, High Point; Citizens Savings Bank, Inc., Newton; Scotland Savings Bank, SSB, Laurinburg; and Citizens Savings Bank, SSB, Mooresville. BB&T also has a pending agreement to acquire the Winston- Salem and Raleigh operations of 1st Home Federal Savings and Loan Association of the Carolinas, F.A. which include approximately $187 million in assets.
 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- 5/27/93
 /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, or Carl M. Hill, President and Chief Executive Officer, Homes Savings Bank of Albemarle, SSB, 704-982-9184/
 (BBTF)


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

SB-MM -- CH008 -- 3128 05/27/93 16:52 EDT
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Date:May 27, 1993
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