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CAROLINA FIRST REPORTS RESULTS OF ANNUAL STOCKHOLDERS MEETING; ISSUES 400,000 SHARES OF CUMULATIVE CONVERTIBLE PREFERRED STOCK

 CAROLINA FIRST REPORTS RESULTS OF ANNUAL STOCKHOLDERS MEETING;
 ISSUES 400,000 SHARES OF CUMULATIVE CONVERTIBLE PREFERRED STOCK
 GREENVILLE, S.C., April 29 /PRNewswire/ -- Carolina First Corporation (NASDAQ-NMS: CAFC) held its Annual Meeting of Stockholders on Tuesday, April 28th. At the meeting, the Stockholders elected C. Claymon Grimes, Elizabeth P. Stall, and Mack I. Whittle as Directors of the Corporation. Executive management reported on operations, discussed the Corporation's preferred stock offering, responded to stockholders' questions, and conducted other corporate business.
 On April 29th, Carolina First Corporation announced the sale of 400,000 shares of Cumulative Convertible Preferred Stock at $25 per share. The Corporation intends to use the proceeds of this offering to fund internal growth, to provide capital for acquisitions, and for general corporate purposes. Interstate/Johnson Lane managed the preferred stock offering with J.C. Bradford & Co. acting as co- manager. The preferred stock will be traded on the Nasdaq over the counter market under the trading symbol CAFCP.
 Referring to the Corporation's preferred stock offering, Mack I. Whittle, Jr., President and Chief Executive Officer, stated, "With the successful completion of our preferred stock offering, we can continue to move forward on our way to becoming a major state-wide bank headquartered in South Carolina. With this new equity, we have replenished our capital base to continue our mission of selective acquisitions and internal growth that we have enjoyed due primarily to the many "displaced" customers from the bank mergers that have taken place in South Carolina over the last five years. We remain committed to making Carolina First Corporation the preeminent South Carolina financial institution."
 "We are excited about our plans and market opportunities and, if the overwhelming interest and enthusiasm for our equity offering is any indication, so are our investors. We welcome our preferred stock investors and thank them for their vote of confidence."
 Carolina First Corporation, which prior to the preferred stock offering had $459 million in assets, offers a broad range of commercial and consumer financial services through its two subsidiaries, Carolina First Bank and Carolina First Savings Bank. Carolina First Bank is a state-chartered commercial bank that operates eight branches principally in northwestern South Carolina. Carolina First Savings Bank, headquartered in Georgetown, is a federally- chartered savings bank with eight branches in coastal South Carolina.
 An initial public offering, held in October 1986, raised $15 million in capital to organize the Corporation. This public offering earned Carolina First Corporation the distinction of being the largest bank holding company
created in South Carolina. Its common stock is traded in the Nasdaq National market under the trading symbol CAFC. Market makers of the Company's common stock include J.C. Bradford & Co, Interstate/Johnson Lane Securities, PaineWebber Incorporated, and Robinson-Humphrey Company, Inc.
 -0- 4/29/92
 /CONTACT: William S. Hummers, III, Carolina First Corporation, 803-255-7900/
 (CAFC) CO: Carolina First Corporation ST: South Carolina IN: FIN SU:


JM-JZ -- CH010 -- 4281 04/29/92 10:34 EDT
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Publication:PR Newswire
Date:Apr 29, 1992
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