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BB&T FINANCIAL CORPORATION PLANS ACQUISITION OF FIRST FINCORP, KINSTON, NORTH CAROLINA

 BB&T FINANCIAL CORPORATION PLANS ACQUISITION
 OF FIRST FINCORP, KINSTON, NORTH CAROLINA
 WILSON, N.C., April 21 /PRNewswire/ -- John A. Allison IV, Chairman and Chief Executive Officer of BB&T Financial Corporation (NASDAQ-NMS: BBTF), and C. Allen Summerlin III, President and Chief Executive Officer of First Fincorp (NASDAQ-NMS: FIFC), today jointly announced the approval by the respective Boards of Directors of an Agreement and Plan of Reorganization to combine the two companies. First Fincorp is the Kinston-based parent company of First Financial Savings bank, Incorporated.
 Under terms of the Agreement, BB&T will exchange 0.276 shares of BB&T common stock for each of the 2,439,916 outstanding shares of First Fincorp common stock, unless BB&T's average closing price for the 10 trading days ending 10 days prior to the closing date is less than $26.25. In the event that BB&T'S average closing price for this period is between $26.25 and $24.50 the exchange ratio will be equal to $7.25 divided by the BB&T average closing price. If BB&T's average closing price is equal to or less than $24.50, the exchange ratio will be 0.296.
 Based on the closing sales price of BB&T common stock on April 20, 1992, of $27.50, the transaction has an indicated value of approximately $18.5 million, or $7.59 per share of First Fincorp stock. This equates to 1.19 times tangible book value of First Fincorp at March 31, 1992. First Fincorp is traded over-the-counter and is quoted on the NASDAQ National Market System under the symbol "FIFC." On April 20, 1992 the average of the bid and asked closing prices of First Fincorp common stock was $5.50.
 First Fincorp has also granted to BB&T Financial Corporation an option to purchase 808,973 shares of First Fincorp (subject to adjustment under circumstances specified in the option agreement), exercisable under certain specified conditions, at $5.50 per share.
 The proposed transaction is subject to the approval of Fincorp's shareholders, the satisfaction of certain other conditions and the approval of all applicable regulatory authorities. It is expected that following the acquisition of First Fincorp, subject to receipt of certain additional required regulatory approvals, First Financial Savings Bank will be merged with and into Branch Banking and Trust Company, BB&T's North Carolina bank subsidiary.
 In announcing the transaction, Allison commented: "First Fincorp is a quality organization with a good customer base. The proposed acquisition will enable us to expand our present operations and customer base in Lenoir, Wayne, Carteret and Forsyth Counties as well as entering new markets in Surry and Stokes Counties. The acquisition is a positive one for both organizations, as well as our respective customers and shareholders."
 Summerline added: "Our shareholders will benefit from an increased marketability of their stock holdings, our customers will be afforded access to BB&T's offices throughout the Carolinas providing additional high quality products and services, and our employees will benefit from the expanded opportunities and growth prospects associated with a larger organization. We are pleased to be associated with such a fine institution."
 First Fincorp, which reported assets of $347 million on March 31, 1992, serves the communities of Kinston, Goldsboro, Elkin, King, LaGrange, Lewisville, Morehead City, Mt. Airy and Winston-Salem from 10 offices.
 On Aug. 27, 1991, BB&T and Peoples Federal Savings Bank of Thomasville, N.C., announced the approval by the respective Boards of Directors of a planned mutual to stock conversion and simultaneous acquisition of Peoples Federal by BB&T. BB&T expects to consummate the Peoples Federal acquisition later this year. BB&T has completed the acquisitions of five well-capitalized thrifts in North Carolina markets during the last two years.
 BB&T Financial Corporation reported total assets of $6.5 billion on March 31, 1992. Through its subsidiaries in North Carolina and South Carolina, BB&T operates 218 offices in 117 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 common stock is traded on the NASDAQ National Market System and is listed under the symbol "BBTF."
 -0- 4/21/92
 /contact: B. Gloyden Stewart, Jr., Investor Relations, 919-399-4219, or Scott E. Reed, Senior Executive Vice President and Treasurer, 919-399-4418, both of BB&T Financial Corporation; or C. Allen Summerlin, III, President and CEO, First Fincorp, 919-527-0191/
 (BBTF FIFC) CO: BB&T Financial Corporation; First Fincorp ST: North Carolina IN: FIN SU: TNM


CM -- CH012 -- 0822 04/21/92 15:48 EDT
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Publication:PR Newswire
Date:Apr 21, 1992
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