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CCB AND SHELBY SAVINGS ANNOUNCE ACQUISITION AGREEMENT

 DURHAM, N.C., April 15 /PRNewswire/ -- CCB Financial Corporation (NASDAQ-NMS: CCBF), Durham, N.C., the parent bank holding company for Central Carolina Bank and Trust Company, and Shelby Savings Bank, SSB, a state-chartered savings bank, today jointly announced the approval by their boards of directors of an acquisition agreement to combine the two companies. Under the agreement, Shelby Savings Bank will convert to the stock form of organization and simultaneously become a wholly owned subsidiary of CCB Financial Corporation. The conversion and acquisition are subject to a number of conditions, including various federal and state regulatory approvals and the approval of members of Shelby Savings Bank at a future special meeting.
 Ernest C. Roessler, president and CEO of CCB, said: "We are pleased to have reached this agreement with Shelby Savings, a highly regarded thrift organization in Cleveland County. Shelby Savings has a well- known history of sound management and quality banking services. We are pleased that with this transaction, we will be able to bring additional banking services and our own strengths to the Cleveland County community for the first time. We believe both organizations, and the customers of both organizations, will benefit from this combination of strengths."
 G. Dean Whisnant, president of Shelby Savings, said: "We are excited about this transaction. For some time now, our board of directors has looked at every option and considered very carefully what will be best for all concerned. They concluded unanimously that this is the best strategic move for the entire Shelby Savings family, and we look forward to moving ahead with CCB."
 Whisnant also said: "Once certain regulatory approvals have been obtained, we will mail written proxy materials to our members. Our members will find answers to their questions in those materials. In the meantime, however, I want everyone to know that Shelby Savings will continue to accept deposits, make loans and operate as it always has."
 Whisnant concluded: "CCB is a financially-strong bank holding company. Our employees, who will continue to work for the combined institution, will benefit from the greater opportunities for career growth and advancement that come with a larger organization. By bringing to Cleveland County the strong organization and broader range of banking services that CCB has to offer, we expect our customers to be well-served and well-pleased."
 CCB has 100 banking offices located primarily in the Piedmont of North Carolina. As of March 31, 1993, CCB had total assets of $2,276,349,000 and total deposits of $1,990,029,000. Shelby Savings has two banking offices, both in Shelby, N.C. The savings bank had total assets of $100,575,685 and total deposits of $87,697,309 as of March 31, 1993.
 The acquisition is expected to be completed by late summer of this year.
 -0- 4/15/93
 /CONTACT: W. Harold Parker, Jr., Senior Vice President and CFO, CCB Financial Corporation, 919-683-7631, or G. Dean Whisnant, President, Shelby Savings Bank, SSB, 704-487-4387/
 (CCBF)


CO: CCB Financial Corporation; Shelby Savings Bank, SSB ST: North Carolina IN: FIN SU: TNM

SB -- CH013 -- 6430 04/15/93 16:17 EDT
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Publication:PR Newswire
Date:Apr 15, 1993
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