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CCB AND CITIZENS SAVINGS ANNOUNCE PLANNED COMBINATION

 DURHAM, N.C., April 8 /PRNewswire/ -- The Board of Directors of CCB Financial Corporation (NASDAQ-NMS: CCBF), Durham, N.C., the parent bank holding company for Central Carolina Bank and Trust Company, and the Board of Directors of Citizens Savings, SSB, a state chartered savings bank, Lenoir, N.C., announced today an agreement in principle whereby Citizens Savings will convert into the stock form of organization and simultaneously merge into CCB Savings Bank of Lenoir, Inc., SSB, (formerly Mutual Savings of Lenoir) a wholly owned subsidiary of CCB Financial Corporation. Mutual Savings Bank of Lenoir, SSB converted to stock form and was acquired by CCB Financial Corporation on April 1, 1993. The Board of Directors, management and employees of Citizens Savings and Mutual Savings will join CCB Savings Bank of Lenoir in a combination of the two institutions. The simultaneous conversion and acquisition is subject to the execution of a definitive agreement and approval by the members of Citizens Savings at a forthcoming special meeting of members. The transaction is also subject to approval of various federal and state regulatory authorities.
 E.C. Roessler, president of CCB, stated: "We are delighted to have worked out this transaction with Citizens Savings, a highly regarded thrift organization in Caldwell County. Our affiliation with Citizens Savings will strengthen our market share and our commitment to the citizens of Caldwell County. We are looking forward to the opportunity to further expand upon the fine tradition of bringing first class banking services to the customers and communities served by Citizens Savings."
 George W. Kirby, president of Citizens Savings, stated: "We are the last independent savings institution in Caldwell County and in order for us to offer the same level of services to our membership as everyone else, our board of directors felt this affiliation with CCB and our long standing and friendly competitor, Mutual Savings, would enable us to do so. We have always been community oriented. CCB has made a strong commitment to Caldwell County with the purchase of Mutual Savings and their record of community involvement is outstanding. We are most impressed with the financial performance of CCB and their long history of being one of the premier bank holding companies in North Carolina and their dedication to banking in our state. We believe this is an excellent opportunity for our customers and employees to become affiliated with such a fine institution. We are looking forward to joining forces with the fine people of Mutual Savings and through our joint efforts, we will be able to provide and even broader range of products and services to our marketplace."
 James E. Sponenberg, III, president of CCB Savings Bank of Lenoir, stated: "Through this transaction, we will become the major provider of financial services in Lenoir and Caldwell County. Through the efforts of George Kirby and William C. Smith, the chairman of CCB Savings, the other members of the board of directors, management and employees of CCB Savings, we are firmly committed to being a good corporate citizen and providing quality financial services to our customers."
 The final details of the conversion/acquisition will be finalized in a definitive agreement and presented to the members of Citizens Savings in the near future. The parties hope to consummate the transaction during the fall of 1993.
 At Dec. 31, 1992, CCB had 98 banking offices located primarily throughout the Central Piedmont of North Carolina. On such date CCB had total assets of $2,312,218,000 and total deposits of $2,028,506,000. On the same date, Citizens Savings operated two banking offices in Lenoir and Hudson, N.C., with total assets of $132,264,000 and total deposits of $114,256,000.
 -0- 4/8/93
 /CONTACT: W. Harold Parker, Jr., of CCB Financial Corporation, 919-683-7631/
 (CCBF)


CO: CCB Financial Corporation; Central Carolina Bank and Trust Company;
 Citizens Savings, SSB ST: North Carolina IN: FIN SU: TNM


CM -- CH007 -- 4165 04/08/93 10:59 EDT
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Publication:PR Newswire
Date:Apr 8, 1993
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