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CENTURA BANKS INC. AND CANTON SAVINGS BANK AGREE TO MERGE

 ROCKY MOUNT, N.C., July 2 /PRNewswire/ -- Centura Banks Inc. (NYSE: CBC) and Canton Savings Bank today announced their agreement to merge Canton Savings Bank with Centura Bank. Headquartered in Canton, N.C., Canton Savings is a mutually-owned, state-chartered savings bank with approximately $61 million in assets, $55 million in deposits and $43 million in loans as of Dec. 31, 1992. It maintains two offices, one in Canton, which is approximately 10 miles west of Asheville, N.C., and the other in the Candler section of Asheville.
 Under the agreement, Canton Savings Bank will convert to stock ownership and simultaneously combine with Centura Bank. The merger is subject to a number of conditions, including approval by regulatory authorities and the affirmative vote of a majority of Canton Savings Bank's eligible members.
 "Canton Savings Bank is a very sound institution with high asset quality and an excellent reputation," said Robert R. Mauldin, Centura's chairman and president.
 "This merger will establish Centura's presence in two new markets, Haywood and Buncombe counties, both of which are highly attractive. We are confident it will enhance the value of Centura's growing franchise in the western half of the state."
 "We share Centura's enthusiasm for the benefits of this merger," said Robert L. Graybeal, president of Canton Savings Bank. "Canton Savings Bank's customers will benefit from a broader array of services and a much larger branch network, while Centura's customer base and market area will expand."
 The merger with Canton Savings Bank, which is expected to be completed during the fourth quarter of 1993, represents the continuation of Centura's expansion into western North Carolina. Previous acquisitions in western North Carolina include Citizens Federal Savings and Loan in Rutherfordton, Watauga Savings and Loan in Boone, Newland and West Jefferson, and Brevard Federal Savings and Loan in Brevard, Cashiers, Highlands, Lake Toxaway and Franklin. Pending acquisitions in western North Carolina include Granite Savings Bank and First Savings Bank in Forest City.
 With approximately $3 billion in assets, Centura Banks Inc. offers a broad range of financial services through its subsidiaries, Centura Bank and Mid-South Bank and Trust Co. It operates 135 branches in 77 cities located throughout North Carolina.
 -0- 7/2/93
 /CONTACT: Cecil W. Sewell Jr., Centura Banks Inc., 919-977-4813, or Robert L. Graybeal, Canton Savings Bank, 704-648-2342/
 (CBC)


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

SB-CM -- CH003 -- 8098 07/02/93 10:55 EDT
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Publication:PR Newswire
Date:Jul 2, 1993
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