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BRANCH BANKING AND TRUST COMPANY COMPLETES ACQUISITION OF 1ST HOME FEDERAL'S WINSTON-SALEM AND RALEIGH OPERATIONS

 WILSON, N.C., June 1 /PRNewswire/ -- Branch Banking and Trust Company, Wilson, N.C., has completed the acquisition of the Winston- Salem, Kernersville, Clemmons and Raleigh operations of 1st Home Federal Savings and Loan Association of the Carolinas, F.A., Greensboro, N.C. BB&T acquired deposits of approximately $185 million, performing loans of approximately $62 million, and certain other assets and liabilities for $6.25 million. Effective with the opening of business on June 1, 1993, the acquired branches will be merged with BB&T. BB&T will retain all 1st Home branch personnel at the acquired offices.
 "We are excited about increasing our presence in the Winston-Salem and Raleigh markets through this acquisition," commented John A. Allison IV, chairman and chief executive officer of BB&T. "1st Home customers will receive high quality service from the same fine employees and will have access to an expanded line of quality products and services offered by BB&T."
 As part of the transaction, the Greensboro operations of 1st Home were acquired by Central Carolina Bank and Trust Company, headquartered in Durham, N.C. 1st Home's mortgage loan servicing and non-performing assets were acquired by other entities.
 The 1st Home acquisition is a continuation of the BB&T strategy of acquiring thrift assets and deposits in its market area. This enhances BB&T's retail banking network in the Winston-Salem and Raleigh markets at a relatively low cost. It is expected to result in appreciation in earnings per share, and when combined with existing operations and other pending acquisitions, will give BB&T the third largest market share in the Triad.
 BB&T acquired two thrifts with assets of $654 million in February and two thrifts with assets of $193 million in May 1993 and has pending agreements to acquire six additional savings associations with total assets of approximately $1.2 billion. Four of these thrifts are mutual associations and are to be acquired in "conversion-acquisition" transactions; Mutual Savings Bank of Rockingham County, SSB, Reidsville; Scotland Savings Bank, SSB, Laurinburg; Citizens Savings Bank, Mooresville; and Home Savings Bank of Albemarle, SSB, Albemarle. The other two are Old Stone Bank of North Carolina, FSB, High Point; and Citizens Savings Bank, SSB, Newton.
 BB&T Financial Corporation (NASDAQ-NMS: BBTF), parent holding company of BB&T, reported total assets of $7.22 billion on March 31, 1993, and through its subsidiaries in North Carolina and South Carolina, operates 235 offices in 124 cities. BB&T is the oldest bank in North Carolina, having been organized in 1872. BB&T Financial Corporation's common stock is traded on the NASDAQ National Market System and is listed under the symbol "BBTF."
 -0- 6/1/93
 /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 Financial Corporation/
 (BBTF)


CO: BB&T Financial Corporation; Branch Banking and Trust Company; 1st
 Home Federal Savings and Loans Association of the Carolinas, F.A. ST: N.C. IN: FIN SU: TNM


SB-CM -- CH007 -- 3957 06/01/93 12:25 EDT
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Publication:PR Newswire
Date:Jun 1, 1993
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