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CCB AND MUTUAL SAVINGS BANK ANNOUNCE PLANNED COMBINATION

 CCB AND MUTUAL SAVINGS BANK ANNOUNCE PLANNED COMBINATION
 DURHAM, N.C., Oct. 8 /PRNewswire/ -- The Executive Committee of the Board of Directors of CCB Financial Corporation (NASDAQ: CCBF), Durham, N.C., the parent bank holding company for Central Carolina Bank and Trust Company and Republic Bank & Trust Co., and the Board of Directors of Mutual Savings Bank, SSB, a state chartered savings bank, Lenoir, N.C., announced today an agreement in principle whereby Mutual Savings Bank will convert into the stock form of organization and simultaneously become a wholly-owned subsidiary of CCB Financial Corporation. The simultaneous conversion and acquisition is subject to the execution of a definitive agreement and approval by the members of Mutual Savings Bank at a forthcoming special meeting of members. The transaction is also subject to approval of the full Board of Directors of CCB Financial Corporation and various federal and state regulatory approvals.
 W.L. Burns, Jr., President of CCB, stated: "We are delighted to have worked out this transaction with Mutual Savings, a highly respected thrift organization in Caldwell County. This will be CCB's initial entry into Lenoir and Caldwell County and we look forward to the opportunity to further expand upon the fine tradition of bringing first class banking services to the customers and communities served by Mutual Savings."
 William C. Smith, President of Mutual Savings Bank, stated: "We are very 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. Our officers and employees will continue to serve our customers and by our affiliation with CCB we will be able to provide an even broader range of services to compete in our marketplace."
 The final details of the conversion-acquisition will be finalized in a definitive agreement and presented to the members of Mutual Savings Bank in the near future. The parties hope to consummate the transaction during the early part of 1993.
 At Sept. 30, 1992, CCB had 97 banking offices located primarily throughout the Central Piedmont of North Carolina. On such date CCB had total assets of $2,270,383,000 and total deposits of $1,980,740,000. On the same date, Mutual Savings had two banking offices in Lenoir and Whitnel, North Carolina with total assets of $100,783,000 and total deposits of $90,162,000.
 -0- 10/8/92
 /CONTACT: W. Harold Parker, Jr., CCB Financial Corporation, 919-683-7631/
 (CCBF) CO: CCB Financial Corporation; Mutual Savings Bank, SSB ST: North Carolina IN: FIN SU: TNM


SB -- CH013 -- 8019 10/08/92 15:56 EDT
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Publication:PR Newswire
Date:Oct 8, 1992
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