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BB&T FINANCIAL CORPORATION PLANS REDEMPTION OF ITS 8 3/4 PERCENT CONVERTIBLE SUBORDINATED DEBENTURES DUE MARCH 15, 2005

 WILSON, N.C., April 15 /PRNewswire/ -- BB&T Financial Corporation (NASDAQ-NMS: BBTF), Wilson, N.C., has called for redemption and will redeem on May 17, 1993, all of its outstanding 8 3/4 percent Convertible Subordinated Debentures due March 15, 2005, at a redemption price equal to 101.75 percent of their principal amount together with accrued interest from March 15, 1993, to the redemption date.
 Payment of the redemption price will be made upon presentation and surrender of the Debentures at the offices of the redemption and conversion agent, Branch Banking & Trust Company, during usual business hours at the following address on or after May 17, 1993.
 BRANCH BANKING & TRUST COMPANY
 Corporate Trust Department
 223 W. Nash Street
 Wilson, N.C. 27893
 Holders of Debentures have the right to convert all or a portion of the debentures into common stock of BB&T Financial Corporation at any time up to, but not later than 5 p.m., New York City time, May 14, 1993. The conversion price of $17.75 in principal amount of Debentures for each share of common stock of BB&T represents a conversion rate of approximately 56 shares of BB&T common stock per $1,000 principal amount. Debentures may be surrendered for conversion during usual business hours to the agent at the above address, together with a written notice of election to convert such Debentures.
 The holder of Debentures is not entitled to any adjustment for accrued interest in respect of the Debentures upon conversion.
 The number of full shares of BB&T common stock that will be issuable upon conversion will be computed on the aggregate amount of debentures surrendered by each holder for conversion. If such conversion results in a fraction of a share, an amount in cash equal to the market value of such fractional share of BB&T common stock, determined by the last sale price on the NASDAQ National Market System on the day prior to the conversion date, will be paid to such holder by BB&T. Certificates of BB&T common stock to be issued upon conversion of Debentures will be mailed as soon as practicable after the conversion is effected.
 THE RIGHT TO CONVERT THE DEBENTURES INTO COMMON STOCK OF BB&T FINANCIAL CORPORATION WILL TERMINATE AT 5 P.M., NEW YORK CITY TIME, ON MAY 14, 1993. ANY DEBENTURES WHICH HAVE NOT BEEN RECEIVED BY THE AGENT FOR CONVERSION BY 5 P.M., NEW YORK CITY TIME, ON MAY 14, 1993, WILL AUTOMATICALLY BE REDEEMED AS SET FORTH ABOVE.
 BB&T Financial Corporation's common stock is traded on the NASDAQ National Market System and is listed under the symbol "BBTF."
 -0- 4/15/93
 /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 Financial Corporation/
 (BBTF)


CO: BB&T Financial Corporation ST: North Carolina IN: FIN SU:

CM -- CH011 -- 6408 04/15/93 15:52 EDT
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Publication:PR Newswire
Date:Apr 15, 1993
Words:496
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