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CENTURA BANKS INC. COMPLETES MERGER WITH CITIZENS FEDERAL

 CENTURA BANKS INC. COMPLETES MERGER WITH CITIZENS FEDERAL
 ROCKY MOUNT, N.C., Jan. 3 /PRNewswire/ -- Centura Banks Inc. (NYSE: CBC) today announced the successful completion of its merger with Citizens Federal Savings and Loan Association in Rutherfordton, N.C.
 Citizens Federal's two offices reopened as Centura Bank branches Jan. 2.
 In the merger transaction, Citizens converted from a federal mutual to a federal stock savings and loan association. Simultaneous with its conversion, Citizens Federal was acquired by Centura Banks Inc., and merged into Centura Bank's branch network.
 "We're very pleased at the completion of our merger and very excited to be serving two new North Carolina communities," said J. Richard Futrell Jr., chairman and chief executive officer of Centura Banks Inc. "Citizens Federal has built a solid reputation for meeting the financial needs of Rutherfordton and Forest City, and we plan to continue that tradition."
 Centura Banks Inc. has two subsidiaries, Centura Bank and Mid-South Bank in Sanford, which operate 114 branch offices in 66 North Carolina communities.
 -0- 1/3/92
 /CONTACT: Frank L. Pattillo, chief financial officer of Centura Banks, 919-977-8341/
 (CBC) CO: Centura Banks, Inc.; Citizens Federal Savings and Loan Association ST: North Carolina IN: FIN SU: TNM


BR-BN -- CH003 -- 6445 01/03/92 10:42 EST
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Publication:PR Newswire
Date:Jan 3, 1992
Words:210
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