Printer Friendly

BB&T FINANCIAL CORPORATION ANNOUNCES PLANS TO ACQUIRE MUTUAL SAVINGS BANK OF ROCKINGHAM COUNTY, SSB, INC.

 WILSON, N.C., Feb. 26 /PRNewswire/ -- John A. Allison IV, Chairman and Chief Executive Officer of BB&T Financial Corporation (NASDAQ-NMS: BBTF), and Robert H. Roach, President and Chief Executive Officer of Mutual Savings Bank of Rockingham County, 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 Mutual Savings Bank provides for the conversion of Mutual Savings Bank from a state chartered mutual savings bank to a state chartered capital stock savings bank and for the simultaneous acquisition of Mutual 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 Mutual Savings Bank.
 The conversion and acquisition will not affect the terms and balances of accounts at Mutual Savings Bank or the FDIC insurance coverage of such accounts. BB&T expects to merge Mutual 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 in a subscription offering to Mutual Savings Bank's eligible account holders and in a community offering to residents of and companies headquartered in Rockingham 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 Mutual Savings Bank, as determined by an independent appraiser, by the offering price(s) in the subscription and community offerings. The offerings will be made only by means of a prospectus.
 In announcing the transaction, Allison commented, "We are excited about the prospects of having Mutual Savings Bank join our organization. Mutual is a healthy, high quality organization with an excellent customer base. The proposed acquisition will enable us to expand our present operations and customer base in Rockingham County. The acquisition is a positive one for both organizations, as well as our respective customers."
 Commenting on the announcement, Roach said, "BB&T is an excellent institution. 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."
 Mutual Savings Bank of Rockingham County, SSB is headquartered in Reidsville, N.C. and reported assets of $82 million on Dec. 31, 1992. Mutual Savings Bank operates two branches in Reidsville and one branch in Eden, N.C.
 BB&T Financial Corporation reported total assets of $6.69 billion on Dec. 31, 1992. BB&T has pending agreements to acquire, in addition to Mutual Savings, four savings associations with total assets of approximately $1 billion at Dec. 31, 1992. Two of these associations are mutual associations and are to be acquired in so-called "conversion-acquisition" transactions: Carolina Savings Bank, headquartered in Wilmington, N.C.; and Edenton Savings and Loan Association, headquartered in Edenton, N.C. The other two are Old Stone Bank of North Carolina, FSB, headquartered in High Point, N.C. and Citizens Savings Bank, Inc. headquartered in Newton, N.C.
 Through its bank and thrift subsidiaries in North Carolina and South Carolina, BB&T presently operates 228 offices in 122 cities. 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- 2/26/03
 /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 Robert H. Roach, President and Chief Executive Officer, Mutual Savings Bank of Rockingham County, SSB, Inc., 919-349-7017/
 (BBTF)


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


SB -- CH012 -- 1073 02/26/93 18:44 EST
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:Feb 26, 1993
Words:686
Previous Article:BB&T FINANCIAL CORPORATION COMPLETES ACQUISITION OF FIRST FINCORP, INC. AND SECURITY FINANCIAL HOLDING COMPANY
Next Article:BRITISH AMERICAN HOLDINGS LTD. ANNOUNCES COMPLETION OF PUBLIC OFFERING IN MAURITIUS OF SHARES OF BRITISH AMERICAN INSURANCE CO. (MITIUS) LTD.
Topics:


Related Articles
BB&T FINANCIAL CORPORATION ANNOUNCES PLANS TO ACQUIRE EDENTON SAVINGS AND LOAN ASSOCIATION
BB&T FINANCIAL CORPORATION COMPLETES ACQUISITION OF FIRST FINCORP, INC. AND SECURITY FINANCIAL HOLDING COMPANY
SOUTHERN NATIONAL AGREES TO PURCHASE KINSTON BRANCH
CCB AND GRAHAM SAVINGS BANK ANNOUNCE PLANNED COMBINATION
CCB AND CITIZENS SAVINGS ANNOUNCE PLANNED COMBINATION
CCB AND SHELBY SAVINGS ANNOUNCE ACQUISITION AGREEMENT
FIRST SOUTHERN BANCORP, INC. ANNOUNCES PLANS TO ACQUIRE PERPETUAL SAVINGS BANK, SSB OF LEXINGTON, N.C.
FIRST CITIZENS ANNOUNCES PLANS TO ACQUIRE FIRST SAVINGS BANK OF ROCKINGHAM COUNTY
CCB COMPLETES ACQUISITION OF GRAHAM SAVINGS BANK, SSB
CCB FINANCIAL CORPORATION AND SECURITY CAPITAL BANCORP ANNOUNCE RECEIPT OF REGULATORY APPROVALS

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