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CENTURA BANK ACQUIRES FIRST AMERICAN FROM RTC

 ROCKY MOUNT, N.C., Sept. 30 /PRNewswire/ -- Centura Banks Inc. (NYSE: CBC) announced today that its bid to acquire the deposits and deposit-related assets of First American Federal Savings Bank from the Resolution Trust Corporation has been accepted. This transaction, which will fully protect all depositors of First American, will be complete during the fourth quarter of this year.
 Centura will initially assume approximately $418 million in deposits, and will pay the RTC approximately $33.9 million. Simultaneously with the acquisition, Centura is negotiating to transfer approximately $104 million of the deposits to other North Carolina financial institutions, for which Centura anticipates receiving approximately $7.2 million from the purchasers.
 Under RTC policy, Centura is not allowed to contact the customers or employees of First American until all the deposits are transferred. Centura will provide First American customers and employees more detailed information at that time.
 -0- 9/30/93
 /CONTACT: Frank Pattillo, senior financial officer, of Centura Banks, 919-977-8341/
 (CBC)


CO: Centura Banks Inc.; First American Federal Savings Bank; Resolution
 Trust Corporation ST: North Carolina IN: FIN SU: TNM


SB -- CH004 -- 7175 09/30/93 10:03 EDT
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Publication:PR Newswire
Date:Sep 30, 1993
Words:189
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