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CENTURA TO MERGE WITH BREVARD FEDERAL SAVINGS AND LOAN

 CENTURA TO MERGE WITH BREVARD FEDERAL SAVINGS AND LOAN
 ROCKY MOUNT, N.C., Aug. 5 /PRNewswire/ -- Centura Banks Inc. (NYSE: CBC) and Brevard Federal Savings and Loan Association in Brevard, N.C., have reached an agreement to merge.
 Brevard Federal had assets of $133 million as of June 30, 1992, and has five offices: in Brevard, Lake Toxaway, Cashiers, Highlands and Franklin. All five communities are located in the North Carolina mountains near Asheville.
 Under the agreement, Brevard Federal, which is a mutually-owned thrift, will convert to stock ownership and simultaneously combine with Centura. Brevard Federal's five offices will become part of Centura Bank's branch network.
 The transaction is subject to a number of conditions, including approval by regulatory authorities and the affirmative vote of a majority of Brevard's eligible members.
 "This merger is an excellent strategic move for Centura," said J. Richard Futrell Jr., chairman and chief executive officer. "Brevard Federal is a sound and well-managed thrift that puts us in a new market in an attractive part of North Carolina. We look forward to having Brevard's customers and employees join Centura."
 "Merging with Centura is a great move for our members," said Jerry H. Jerome, president and chief executive officer of Brevard Federal. "We will be able to offer a broader array of financial products and services and maintain our commitment to meeting the mortgage loan needs in our communities."
 Brevard Federal has $112 million in loans and $118 million in deposits. It is ranked number two in deposit market share in Transylvania County.
 The move into Brevard is a continuation of Centura's expansion into the western part of North Carolina. In the last year, Centura has completed mergers with Citizens Federal Savings and Loan in Rutherfordton and Watauga Savings and Loan in Boone.
 "We're continuing to build our franchise across North Carolina," said Robert R. Mauldin, president of Centura. "We will continue to seek out opportunities to join with other well-managed, high-market share financial institutions in western North Carolina."
 Centura has mergers pending with First Carolina Bank and Trust Co. of Sanford, N.C. and Orange Federal Savings and Loan Association in Chapel Hill, N.C. Centura completed its acquisition of First Federal Savings Association of Raleigh earlier this year. The conversion is expected to be complete sometime during the first quarter of 1993.
 Centura Banks Inc., with its subsidiaries Centura Bank and Mid-South Bank in Sanford, had total assets on June 30, 1992, of $2.8 billion.
 -0- 8/5/92
 /CONTACT: Cecil W. Sewell Jr., Centura Banks Inc., 919-977-4813, or Jerry H. Jerome, Brevard Federal, 704-883-2251/
 (CBC) CO: Centura Banks Inc.; Brevard Federal Savings and Loan Association ST: North Carolina IN: FIN SU: TNM


JZ -- CH002 -- 7186 08/05/92 14:51 EDT
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Publication:PR Newswire
Date:Aug 5, 1992
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