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CENTURA BANK ACQUIRES FIRST AMERICAN FROM RTC

 ROCKY MOUNT, N.C., Oct. 8 /PRNewswire/ -- Centura Banks Inc. (NYSE: CBC) announced today that it has acquired the deposits and deposit-related loans of First American Federal Savings Bank from the Resolution Trust Corporation. Centura will keep open 10 former First American branches and merge 13 with nearby Centura offices, with 10 being sold to other banks. Centura will retain approximately $289 million in deposits.
 "This acquisition is very significant for Centura because it allows us to enter several new markets and enhance our position in many of our existing markets," said Robert R. Mauldin, president and chief executive officer. "It will have a positive effect for our customers because we are expanding our service area and for our shareholders because we are realizing some significant economies of scale in markets served by both institutions."
 With the acquisition, Centura enters several new markets: Kinston, Goldsboro, Cape Carteret, Asheboro, Statesville and Ramseur. Centura also gains increases in deposit market share in Greensboro, Morehead City, Wilson, Jacksonville, Greenville, Raleigh, Cary, Oxford, Henderson and New Bern.
 "This is the largest acquisition in the history of Centura Bank," Mauldin said. "First American helps us fill in our service area in Eastern North Carolina and enter Randolph and Iredell counties in the Piedmont."
 As stated in the agreement with the RTC, the following First American offices will reopen as Centura Bank offices Monday, Oct. 11: Kinston Queen Street, Kinston Mall, Goldsboro Ash Street, New Bern, Cape Carteret, Asheboro, Ramseur, Greensboro Friendly Shopping Center and Statesville. First American's Carthage office will become an office of Mid-South Bank, a wholly-owned subsidiary of Centura Banks Inc.
 The following offices will be closed and the accounts transferred to nearby Centura offices:
 -- The Battleground office in Greensboro to the Centura office at 2301 Battleground Avenue.
 -- The Randleman Road office in Greensboro to Centura's main office at 208 N. Elm Street.
 -- The West Market Street office in Greensboro to the Centura office at 5234 West Market Street.
 -- The Morehead City office to the Centura office in Morehead City.
 -- The Wilson office will be transferred to Centura's main office at 314 West Nash Street.
 -- The Greenville office to the Centura office at 509 S. Greenville Boulevard.
 -- The Raleigh office to the Centura office at 4400 Falls of the Neuse Road.
 -- The Cary office to the Centura's main office at 1135 Kildaire Farm Road.
 -- The Oxford office to the Centura office in Oxford.
 -- The Henderson office to Centura's main office at 407 South Chestnut Street.
 -- The Jacksonville office to the Centura office at 1606 Country Club Road.
 -- The John Street office in Goldsboro to the new Centura office at 2406 East Ash Street.
 -- The Southern Pines office to the Mid-South Bank office in Southern Pines.
 Centura has reached an agreement with First Citizens Bank in which First Citizens acquired the Snow Hill, Gastonia, Burgaw and Clinton offices from Centura at 6 p.m. today.
 Centura reached similar agreements, effective at 6 p.m. today, with the following institutions:
 -- Southern Bank acquired the Mount Olive and Warsaw offices.
 -- Heritage Bank acquired the Pikeville office.
 -- NationsBank acquired the Harmony and Farmville offices.
 -- Fidelity Bank acquired the Robbins office.
 Customers will have access to the closed branches until Friday,
Oct. 15, to remove any items from their safe deposit boxes. During the week of Oct. 18-22, the boxes will be moved to Centura branches.
 First American customers are being notified of the changes by mail and through signs at the closed offices as well as newspaper and radio advertising. In addition, the Centura offices where First American accounts are transferred will have people who can answer questions about the transition.
 "We are working hard to make the transition as smooth as possible for our new customers," Mauldin said.
 First American customers can continue to use their First American checks, deposit slips and other transaction documents. They can still use their automated teller machine card at the same ATMs as well as any Centura 24 Hour Banking machines.
 -0- 10/8/93
 /CONTACT: A. Douglas Haynes, director of Marketing, of Centura Banks, 919-977-8429/
 (CBC)


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

CM -- CH005 -- 0386 10/08/93 19:13 EDT
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Publication:PR Newswire
Date:Oct 8, 1993
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