BB&T FINANCIAL CORPORATION COMPLETES ACQUISITION OF CITIZENS SAVINGS BANK, SSB, INC.
WILSON, N.C., Oct. 26 /PRNewswire/ -- BB&T Financial Corporation (NASDAQ-NMS: BBTF) has completed its acquisition of Citizens Savings Bank, SSB, Inc., Newton, N.C. Citizens Savings has offices located in Bethlehem, Claremont, Denver, Hickory, Lincolnton, Maiden, Newton, and Stanley, N.C. As of Sept. 30, 1993, Citizens Savings had total assets of approximately $263 million. Under terms of the agreement announced Jan. 19, 1993, BB&T is issuing 0.9389 shares of BB&T common stock for each outstanding share of Citizens Savings common stock. A total of 1,168,971 BB&T shares are being issued to Citizens Savings shareholders. Based on an Oct. 22, 1993, closing sales price of BB&T common stock of $31.38, the transaction has an indicated value of approximately $36.7 million. The acquisition will not affect the terms and balances of accounts in Citizens Savings or the FDIC insurance coverage of such accounts. "We are extremely pleased to have this outstanding organization join BB&T," commented John A. Allison IV, chairman and chief executive officer of BB&T Financial Corporation. "Customers of Citizens Savings will continue to receive the same high quality service from the same fine employees and will have access to an expanded line of products and services offered by BB&T." Thomas M. Watchorn, president and chief executive officer of Citizens Savings, said that everyone associated with Citizens Savings will benefit from its acquisition by BB&T. "We are confident that our shareholders, customers and employees will receive near term and long- term benefits from the resources and commitments of BB&T." At the end of September, BB&T had total assets of $8.09 billion. Through its subsidiaries in North Carolina and South Carolina, BB&T operates 240 offices in 126 cities. BB&T Financial Corporation common stock is traded on the Nasdaq National Market System and is listed under the symbol "BBTF". -0- 10/26/93 /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 Thomas M. Watchorn, president & chief executive officer, of Citizens Savings Bank, 704-464-5750/ (BBTF)
CO: BB&T Financial Corporation; Citizens Savings Bank, SSB, Inc. ST: North Carolina IN: FIN SU: TNM
MM -- CH004 -- 6767 10/26/93 09:27 EDT
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|Date:||Oct 26, 1993|
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