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CAROLINA FIRST ADOPTS SHAREHOLDER RIGHTS PLAN

 GREENVILLE, S.C., Nov. 12 /PRNewswire/ -- Carolina First Corporation (NASDAQ-NMS: CAFC) today announced that its board of directors adopted a shareholder rights plan. Under the rights plan, the board has declared a dividend distribution of one right for each outstanding share of common stock to common shareholders of record as of Nov. 24, 1993, and each share of common stock issued after that date. The rights will initially represent the right to purchase one-half share of common stock for $18. The rights will not be taxable to the company's shareholders.
 The rights plan is designed to enhance the board's ability to prevent an acquiror from depriving stockholders of the long-term value of their investment and to protect stockholders against attempts to acquire the company by means of unfair or abusive takeover tactics that have been prevalent in many unsolicited takeover attempts.
 The rights plan was not adopted in response to any pending or threatened takeover effort to acquire the company.
 The rights will become exercisable only if a person or group acquires or commences a tender offer for 20 percent or more of the company's common stock. All rights held or acquired by a person or group holding 20 percent or more of the company's common shares are void. Until they become exercisable, the rights attach to and trade with the company's common stock. The rights may be redeemed by the continuing members of the board at $.001 per right prior to the tenth day after a person or group has accumulated 20 percent or more of the company's common stock. If not redeemed, the rights will expire on Nov. 24, 2003.
 If a person or group acquires 20 percent of the company's common stock, the rights would then be modified to represent the right to receive common stock having a value worth twice the exercise price. If the company is involved in a merger or other business combination at any time after a person or group has acquired 20 percent or more of the company's common stock, the rights will be modified so as to entitle a holder to buy a number of shares of common stock of the acquiring entity having a market value of twice the exercise price of each right.
 At Sept. 30, 1993, Carolina First Corporation had $755 million in total assets and market capitalization of $77.5 million. Carolina First Corporation, headquartered in Greenville, offers a broad range of commercial, consumer and mortgage financial services through three subsidiaries, Carolina First Bank, Carolina First Savings Bank, and Carolina First Mortgage Company. Carolina First Bank is a state- chartered commercial bank that operates 23 branches throughout South Carolina. Carolina First Savings Bank, headquartered in Georgetown, is a federally chartered savings bank with eight branches in coastal South Carolina. Carolina First Mortgage Company, headquartered in Columbia, engages in mortgage banking activities.
 Carolina First's preferred stock trades over-the-counter under the symbols CAFCP and CAFCO. Market makers include J.C. Bradford & Co., Interstate/Johnson Lane, Robinson Humphrey Co. Inc., Sterne Agee & Leach, and Wheat First Securities.
 -0- 11/12/93
 /CONTACT: William S. Hummers III of Carolina First, 803-255-7900/
 (CAFC)


CO: Carolina First Corporation ST: South Carolina IN: FIN SU: SRP

SB -- CH013 -- 3874 11/12/93 16:33 EST
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Publication:PR Newswire
Date:Nov 12, 1993
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