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CCB ACQUIRES 1ST HOME FEDERAL'S GREENSBORO OPERATION

 DURHAM, N.C., April 7 /PRNewswire/ -- In its largest acquisition announcement to date, CCB Financial Corporation (NASDAQ-NMS: CCBF), through its main subsidiary Central Carolina Bank and Trust Company, has signed a purchase and assumption agreement to acquire the Greensboro operation of 1st Home Federal Savings and Loan. The agreement is contingent upon regulatory approvals and the purchase and assumption of other 1st Home assets and liabilities by third parties. The terms of the agreement state that for the purchase price of $17.8 million, CCB will acquire the Greensboro deposits, performing loans, securities, and certain other assets and liabilities of 1st Home Federal upon final closing of the transaction, which is anticipated to take place by May 31.
 At that time, CCB will begin operating ten 1st Home Federal branches in Greensboro as CCB branch offices. Current plans call for all 1st Home branch staff members to continue as CCB employees. The majority of operations staff members will remain employed by CCB through conversion to CCB systems, which is anticipated to be during third quarter 1993.
 According to Ernest C. Roessler, CCB president and CEO: "CCB is enthusiastic about acquiring 1st Home Federal because it enables us to have a major presence in Greensboro, a key North Carolina community. With the addition of the 1st Home offices, Central Carolina Bank will serve the people of Greensboro through more than 15 branches. This is a good match, since both organizations are community-oriented banks. We hope to continue and build on 1st Home's leadership in Greensboro."
 E.S. "Jim" Melvin, currently chairman of 1st Home, also expressed satisfaction in the arrangement with CCB. "Central Carolina Bank is a strong, stable financial institution with a reputation for offering good customers service," Melvin said. "These qualifications made CCB an excellent choice as a partner for 1st Home. It was important that our customers continue receiving the quality service they had received from us."
 As part of the transaction, the Forsyth County operation of 1st Home Federal will be acquired by BB&T, headquartered in Wilson, N.C. 1st Home's mortgage loan servicing and certain non-performing assets will be acquired by other entities.
 CCB Financial Corporation currently has $2.3 billion in assets. Completion of this acquisition will add approximately $450 million in assets to the corporation.
 -0- 4/7/93
 /CONTACT: Rob Savage, 919-683-7645; Harold Parker, Senior Financial Officer, 919-683-7631 (at 1st Home Federal from 4 p.m. until 7 p.m. on April 7 - 919-373-5000); or (Thursday, April 8) Susan L. Howerton, Public Relations, 919-683-7641, all of CCB Financial Corporation/
 (CCBF)


CO: CCB Financial Corporation; Central Carolina Bank and Trust Company;
 1st Home Federal Savings and Loan ST: North Carolina IN: FIN SU: TNM


CM -- CH006 -- 3884 04/07/93 16:00 EDT
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Publication:PR Newswire
Date:Apr 7, 1993
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