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CAROLINA FIRST BANCSHARES COMPLETES MERGER

 CAROLINA FIRST BANCSHARES COMPLETES MERGER
 LINCOLNTON, N.C., Jan. 30 /PRNewswire/ -- Carolina First


BancShares, Inc., (OTC) Lincolnton, N.C., and Cabarrus Savings Bank, Inc., Concord, N.C., announced the completion of their merger, effective Jan. 30.
 Cabarrus shareholders will receive approximately .42 shares of Carolina First stock for each Cabarrus share held.
 Carolina First will now have assets of approximately $258 million, with total deposits of $230 million and $155 million in loans. Stockholders' equity of $18 million will result in a book value of approximately $15.57 per share.
 Cabarrus Savings Bank will continue to serve its markets as a separately chartered community bank. Cabarrus has received conditional approval to convert to a commercial bank, and during 1992 will expand the array of banking services it offers. The conversion of Cabarrus still requires the approval of the Federal Reserve Board, the State Banking Commission and the Office of Thrift Supervision.
 Carolina First is the parent company of Lincoln Bank of North Carolina, Lincolnton, N.C.
 -0- 1/30/92
 /CONTACT: James E. Burt III of Carolina First BancShares, 704-732-2222/ CO: Carolina First BancShares, Inc.; Cabarrus Savings Bank, Inc. ST: North Carolina IN: FIN SU: TNM


BN-BR -- AT013 -- 5334 01/30/92 14:33 EST
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Publication:PR Newswire
Date:Jan 30, 1992
Words:205
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