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BB&T FINANCIAL CORPORATION COMPLETES ACQUISITION OF FIRST FINCORP, INC. AND SECURITY FINANCIAL HOLDING COMPANY

 WILSON, N.C., Feb. 26 /PRNewswire/ -- BB&T Financial Corporation (NASDAQ-NMS: BBTF) has completed its acquisition of First Fincorp, Inc. (NASDAQ: FIFC) and Security Financial Holding Company (NASDAQ: SECF). First Fincorp, Inc. is the Kinston-based parent company of First Financial Savings Bank, Inc. and Security Financial Holding Company is the parent of Security Federal Savings Bank, headquartered in Durham. First Financial Savings Bank has a total of 10 offices located in Kinston, Goldsboro, Elkin, King, LaGrange, Lewisville, Morehead City, Mt. Airy and Winston-Salem. Security Federal Savings Bank has nine (9) offices located in Durham, Chapel Hill and Creedmoor.
 Under terms of the First Fincorp Agreement announced April 21, 1992, BB&T has issued 0.276 shares of BB&T common stock for each outstanding share of First Fincorp common stock. A total of 673,417 BB&T shares were issued to First Fincorp shareholders. First Fincorp has total assets of approximately $322 million.
 Under terms of the Security Financial Agreement announced Aug. 7, 1992, BB&T has issued 0.7822 shares of BB&T common stock for each outstanding share of Security Financial common stock. A total of 1,408,457 BB&T shares were issued to Security Financial shareholders. Security Financial has total assets of approximately $312 million.
 The acquisitions will not affect the terms and balances of accounts in First Financial or Security Federal or the FDIC insurance coverage of such accounts.
 "We are extremely pleased to have these two outstanding organizations join BB&T," commented John A. Allison, IV, chairman and chief executive officer of BB&T Financial Corporation. "Customers of First Financial and Security Federal 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."
 C. Allen Summerlin, III, president and chief executive officer of First Financial said joining BB&T is a good move for everyone associated with the Kinston-based thrift. Summerlin said, "Our shareholders, our employees, and, most importantly, our customers will receive both immediate and long-term benefits from our new association."
 Larry D. Brock, president and chief executive officer of Security Federal, said that everyone associated with Security Federal 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."
 BB&T Financial Corporation reported total assets of $6.69 billion on Dec. 31, 1992. BB&T has pending agreements to acquire four other 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- 2/26/93
 /CONTACT: B. Gloyden Stewart, Jr., Senior Vice President, Investor Relations, 919-399-4219, Scott E. Reed, Senior Executive Vice President & Treasurer, 919-399-4418, C. Allen Summerlin, III, President and Chief Executive Officer, First Financial Savings Bank, 919-527-0191, or Larry D. Brock, President and Chief Executive Officer, or Robert F. Stockwell, Executive Vice President, both of Security Federal Savings Bank, 919-687-7200/
 (BBTF FIFC SECF)


CO: BB&T Financial Corporation; First Fincorp, Inc.; Security Financial
 Holding Company ST: North Carolina IN: FIN SU: TNM


MM-SB -- CH011 -- 1048 02/26/93 17:50 EST
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Publication:PR Newswire
Date:Feb 26, 1993
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