Printer Friendly

CENTURA BANK ACQUIRES FIRST FEDERAL OF RALEIGH

 CENTURA BANK ACQUIRES FIRST FEDERAL OF RALEIGH
 ROCKY MOUNT, N.C., March 6 /PRNewswire/ -- Centura Bank


(NYSE: CBC) announced today that it has acquired First Federal Savings Association in Raleigh from the Resolution Trust Corporation. Centura will keep open six former First Federal branches as full-service offices, and will retain approximately $155 million in deposits.
 "This acquisition is very significant for Centura because it makes us a major player in one of North Carolina's most important banking markets," said J. Richard Futrell Jr., chairman and chief executive officer. "It greatly enhances the value of our Raleigh franchise, and will have long-term benefits for our customers and shareholders."
 With the acquisition, Centura increases its deposits in Raleigh from $100 million to more than $215 million. Centura is now the fifth largest commercial bank in Raleigh.
 "This is the largest acquisition in the history of Centura Bank or its predecessor companies," said Robert R. Mauldin, Centura president. "We have greatly solidified our position in the capital city over the past two years and we now have the critical mass to grow aggressively in the future."
 "We welcome our new customers to Centura and look forward to taking First Federal's place as the community bank of Raleigh," said Jim Brown, Raleigh city and Triangle regional executive. "This move puts us in many important areas of Raleigh, and places us in a solid position to rebuild the First Federal franchise."
 Six former First Federal offices will open as Centura Bank offices Monday, March 9, 1992. They are: Lake Boone, North Ridge, Cameron Village, Tryon Hills, Research Triangle Park and Cary Village. First Federal's Zebulon office will become a drive-thru express bank.
 Five former First Federal offices will close, and their accounts will be transferred to nearby Centura offices. Accounts at the Downtown office will be moved to the Centura Downtown office on Fayetteville Street Mall, which is about two blocks away. Accounts at the Stonehenge office will be moved to the Centura office at Six Forks Station. Accounts at the North Hills office will be transferred to the Centura North Hills office, which is nearby on Six Forks Road. Accounts at the Kildaire office in Cary will be transferred to the Centura Kildaire office. Accounts at the Tower office will be transferred to the Ashton Square office on Capital Boulevard.
 Customers will have access to the closed branches until Friday, March 13, to remove any items from their safe deposit boxes. During the week of March 16-20, the boxes will be moved to Centura branches.
 Centura has reached an agreement with First Citizens Bank in which First Citizens acquired the Louisburg and Franklinton offices from Centura at 6 p.m. today.
 "We are working hard to make the transition as smooth as possible for our new customers," Brown said. "During the past year, we have hired 18 former First Federal employees and now we're adding more. Those familiar faces fit in well with our great Raleigh staff, and together they will make the transition easier."
 First Federal 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 Federal accounts are transferred will have people who can answer questions about the transition.
 "At Centura, our new customers can look forward to the same exceptional customer service they received from First Feda?l," said Willard Ross, senior vice president for service quality at Centura and a former executive with First Federal. "The two institutions are very much alike, both stressing friendly, caring service and a commitment to meeting the financial needs of their customers."
 First Federal customers can continue to use their First Federal 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 machine.
 Centura will open up a hotline to answer any questions about the transition. The customer hotline will begin Saturday, March 7, from 9 a.m. until 2 p.m. and Sunday, March 8, from 1 p.m. until 5 p.m. Beginning Monday, March 9, the hotline will operate Monday through Friday, from 9 a.m. until 5 p.m. The hotline number is 919-839-4405.
 As of Monday, March 9, Centura will serve the Triangle area with 20 banking offices. Following is a list:
 RALEIGH
 Ashton Square 4000 North Blvd.
 Cameron Village 1959 Clark Ave.
 Cameron Village 2125 Cameron St.
 Creedmoor 6400 Creedmoor Road
 Downtown 411 Fayetteville St.
 Falls 4400 Falls of the Neuse
 Lake Boone 2414 Wycliff Road
 North Hills 4700 Six Forks Road
 North Ridge 6006 Falls of the Neuse
 Pleasant Valley 4209 Pleasant Valley Road
 Six Forks Station 8809 Six Forks Station
 Tryon Hills 3625 S. Wilmington St.
 CARY
 Cary Village 649 Western Boulevard Ext.
 Kildaire 1135 Kildaire Farm Road
 DURHAM
 Downtown 500 Morgan St.
 Holloway 1926 Holloway St.
 Northern 4251 Roxboro Road
 Parkway Plaza 4215 University Dr.
 RESEARCH TRIANGLE PARK
 Research Triangle Park 8 Park Plaza
 ZEBULON
 Main and Drive-Thru Express 300 Arendell
 -0- 3/6/92 R
 /CONTACT: A. Douglas Haynes, Director of Marketing, Centura Bank, 919-977-8429/
 (CBC) CO: Centura Bank; First Savings Association of Raleigh ST: North Carolina IN: FIN SU: TNM


DF -- CH012 -- 6241 03/09/92 09:13 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 9, 1992
Words:884
Previous Article:SECOM DECLARES A 10-PERCENT STOCK DIVIDEND
Next Article:PLAY HIDE-AND-SEEK WITH 'WALDO' IN A NEW LINE OF SPAGHETTIOS(R)
Topics:


Related Articles
CENTURA REPORTS COMPLETION OF STOCK OFFERING
CENTURA BANKS INC. COMPLETES MERGER WITH CITIZENS FEDERAL
FIRST CITIZENS ASSUMES DEPOSITS, LOANS OF FIRST FEDERAL SAVINGS ASSOCIATION IN FRANKLINTON AND LOUISBURG
CENTURA BANK ACQUIRES FIRST FEDERAL OF RALEIGH
FIRST CITIZENS ASSUMES DEPOSITS, LOANS OF FIRST FEDERAL SAVINGS ASSOCIATION IN FRANKLINTON AND LOUISBURG
CENTURA EXPANDS WESTERN NORTH CAROLINA MARKET SHARE
Centura to Acquire Pee Dee State Bank
Centura Banks and Triangle Bancorp Merger-Related Branch Divestitures to Total 19; All Branches but one on the Final List Were Previously Announced.
Centura Banks and Triangle Bancorp Merger-Related Branch Divestitures to Total 19; All Branches but one on the Final List Were Previously Announced.
Centura Banks Inc. and Triangle Bancorp Inc. Shareholders Approve the Merger of the Two Companies.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters