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BB&T FINANCIAL CORPORATION COMPLETES ACQUISITION OF MUTUAL SAVINGS BANK OF ROCKINGHAM COUNTY, S.S.B.

 WILSON, N.C., Nov. 1 /PRNewswire/ -- BB&T Financial Corporation (NASDAQ-NMS: BBTF) has completed its acquisition of Mutual Savings Bank of Rockingham County, S.S.B., Reidsville, N.C. Mutual Savings has two offices located in Reidsville and one in Eden, N.C. As of Sept. 30, 1993, Mutual Savings had total assets of approximately $86 million.
 Under terms of the agreement providing for the acquisition by BB&T and the related Plan of Conversion, Mutual Savings converted from a state chartered mutual savings bank to a state chartered stock savings bank and has become a wholly owned subsidiary of BB&T. A total of 216,907 shares of BB&T common stock were sold and issued in connection with the conversion and acquisition, resulting in net proceeds to the company of approximately $6.2 million.
 The acquisition will not affect the terms and balances of accounts in Mutual Savings or the FDIC insurance coverage of such accounts.
 "We are excited about having Mutual Savings Bank to join BB&T," commented John A. Allison IV, chairman and chief executive officer of BB&T Financial Corporation. "The acquisition is a positive one for both organizations, as well as our respective customers."
 Robert H. Roach, president and chief executive officer of Mutual Savings, commented that the "Mutual Savings' acquisition by BB&T brings together the resources of two customer-driven institutions. We are excited about the opportunities that our affiliation will bring."
 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- 11/1/93
 /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 Robert H. Roach, president & chief executive officer, of Mutual Savings Bank of Rockingham County, 919-349-7017/
 (BBTF)


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


SB -- CH003 -- 9060 11/01/93 10:32 EST
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Publication:PR Newswire
Date:Nov 1, 1993
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