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CCB FINANCIAL PURCHASES HILL STOCK

 DURHAM, N.C., June 15/ PRNewswire/ -- On June 11, 1993, CCB Financial Corporation (NASDAQ-NMS: CCBF) purchased 450,000 shares of its common stock from the estate of George Watts Hill, late chairman of the corporation, announced William L. Burns, Jr., Hill's successor as chairman of CCB Financial Corporation. The corporation paid $36.60 per share (including the $.30 dividend payable July 1, 1993, to shareholders of record June 14, 1993) in the privately negotiated transaction, for a total purchase price of $16,470,000. The purchase price was $36.30, excluding the dividend. The purchased shares, which represented 5.5 percent of total outstanding shares, will be retired. Hill's estate continues to hold 4.8 percent of the remaining outstanding shares. After the transaction, CCB Financial still exceeds all the necessary capital requirements to be considered "well-capitalized" by regulatory standards.
 George Watts Hill served as chairman of CCB Financial Corporation from 1949 until his death on Jan. 20, 1993.
 CCB Financial Corporation is a bank-holding company headquartered in Durham, N.C. Central Carolina Bank and Trust Co., also headquartered in Durham, is its main subsidiary.
 -0- 6/15/93
 /CONTACT: Harold Parker of CCB Financial Corporation, 919-683-7631/
 (CCBF)


CO: CCB Financial Corporation ST: North Carolina IN: FIN SU:

CM -- CH010 -- 2198 06/15/93 14:08 EDT
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Publication:PR Newswire
Date:Jun 15, 1993
Words:217
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