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CCB'S ACQUISITION OF 1ST HOME FEDERAL'S GREENSBORO OPERATION FINALIZED

 DURHAM, N.C., June 1 /PRNewswire/ -- With all regulatory approvals in place, the acquisition of the Greensboro operation of 1st Home Federal by Central Carolina Bank (CCB) was completed today. Over the holiday weekend, CCB signs replaced 1st Home Federal signs at all ten of 1st Home's Greensboro offices, bringing the number of branches CCB operates in Guilford County to 17. All 1st Home Federal Greensboro locations began operating as CCB branch offices with the start of business today.
 Former 1st Home customers received a letter on Saturday that explained what the change means to them. According to CCB's Greensboro/Guilford County executive Scott Halstead: "The main thing customers are concerned about is whether or not the same people with whom they have been doing business will be at their branches. The answer to that is an unqualified `yes.' With the exception of the signs, initially, customers will see very little change. Changes in existing customers' accounts, new checks, etc. ... will be made at a later date when 1st Home's computer system is converted to CCB's system. Starting today, any new accounts will be opened as CCB accounts. We know that no matter what we do, there will probably be some confusion. However, our main objective will be to make this transition go as smoothly as possible for all of our customers."
 As part of the same transaction, the Forsyth County operation of 1st Home Federal was acquired by BB&T, headquartered in Wilson, N.C.
 Other entities acquired 1st Home's mortgage loan servicing and certain non-performing assets.
 In connection with the acquisition, CCB Financial Corporation (NASDAQ-NMS: CCBF), the parent bank holding company for CCB, is calling its 8.75 percent convertible subordinated debentures due June 15, 2010, for redemption. The redemption date is June 30, 1993, and it is anticipated that holders of the debentures will convert them to CCB Financial Corporation common stock.
 CCB is the main subsidiary of CCB Financial Corporation and operates approximately 110 branches primarily in the Piedmont region of North Carolina. With the addition of 1st Home's approximately $450 million in assets, the corporation will have over $2.8 billion in assets.
 -0- 6/1/93
 /CONTACT: Rob Savage, 919-683-7645; Harold Parker, Senior Financial Officer, 919-683-7631; Susan L. Howerton, Public Relations Manager, 919-683-7641; or Scott Halstead, Greensboro-Guilford County Executive, 919-294-6043, all of CCB/
 (CCBF)


CO: Central Carolina Bank; CCB Financial Corporation; 1st Home Federal ST: North Carolina IN: FIN SU: TNM

SB -- CH005 -- 3907 06/01/93 11:27 EDT
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Publication:PR Newswire
Date:Jun 1, 1993
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