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CAROLINA FIRST BANCSHARES CHAIRMAN EXCHANGES SHARES OF CABARRUS COMMON STOCK

CAROLINA FIRST BANCSHARES CHAIRMAN EXCHANGES SHARES OF CABARRUS COMMON
 STOCK
 LINCOLNTON, N.C., Feb. 14 /PRNewswire/ -- D. Mark Boyd III is chairman of the board of directors of Carolina First BancShares, Inc., Lincolnton, N.C., and of its wholly owned subsidiary, Lincoln Bank of North Carolina, Inc.
 Boyd was an organizer of Lincoln Bank in 1983, and has been associated with, and a large shreholder of, the bank and its parent company, Carolina First, throughout their respectives lives. As a result of Carolina First's recent acquisition of Cabarrus Savings Bank, Inc., Concord, N.C., Boyd and certain companies with which he is affiliated exchanged shares of Cabarrus common stock owned by them for additional shares of Carolina First common stock. Boyd's beneficial ownership of such additional shares was reported as required by Securities and Exchange Commission rules. Boyd is not presently purchasing significant amounts of shares of Carolina First common stock in the open market.
 Carolina First has two wholly owned subsidiaries, Lincoln Bank of North Carolina, Inc. and Cabarrus Savings Bank, Inc. Its stock is traded in the local over-the-counter market.
 -0- 2/14/92
 CONTACT: James E. Burt III of Carolina First BancShares, 704-732-6204
CO: CAROLINA FIRST BANCSHARES, INC; CABARRUS SAVINGS BANK,
 INC.
IN FIN
ST: NORTH CAROLINA (NC)


-- AT004 -- 9030 02/14/92
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Publication:PR Newswire
Date:Feb 14, 1992
Words:216
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