Printer Friendly

CENTURA TO MERGE WITH FIRST CHARLOTTE FINANCIAL CORPORATION

 ROCKY MOUNT, N.C., Sept. 15 /PRNewswire/ -- Centura Banks Inc. (NYSE: CBC) and First Charlotte Financial Corporation (FCFC) in Charlotte, N.C., announced today they have reached an agreement to merge. Under the agreement, FCFC shareholders will receive .627 shares of Centura common stock for each share of FCFC's common stock, or $13.17 per FCFC share based upon Centura's closing stock price of $21.00 on Sept. 14, 1993. In connection with the transaction, FCFC has granted Centura the option to purchase up to 19.9 percent of FCFC's outstanding stock under certain conditions. FCFC, which has assets of approximately $168 million and deposits of $148 million as of June 30, 1993, has five offices in Charlotte.
 "This is a very important strategic move for Centura," said Robert R. Mauldin, Centura's chairman and president. "To be a truly effective statewide bank, you must have a presence in Charlotte. First Charlotte Financial Corporation is an outstanding organization, and we are alike in many ways. We are delighted to have found such an excellent partner in such a dynamic market."
 "We are looking forward to joining forces with a strong community-oriented North Carolina bank," said Worth Williamson, president and chief executive officer of FCFC. "As a result of Centura's asset size, we feel our customers will benefit from a broader spectrum of services and from larger lending limits, and our shareholders will have the opportunity for greater growth and liquidity in their investment."
 The merger with FCFC is expected to be completed by the end of 1993 and is subject to a number of conditions, including approvals by FCFC shareholders and regulatory authorities. Centura also has mergers pending with First Savings Bank of Forest City, N.C., Canton Savings Bank of Canton, N.C. and Robeson Savings Bank in Lumberton, N.C. With more than $3.2 billion in assets, Centura Banks Inc. offers a broad range of personal, business and trust services. It operates 136 offices in 79 communities located throughout North Carolina.
 -0- 9/15/93
 /CONTACT: Frank L. Pattillo of Centura Banks, 919-977-8341, or Worth Williamson of First Charlotte Financial Corporation, 704-372-7847/
 (CBC)


CO: Centura Banks Inc.; First Charlotte Financial Corporation ST: North Carolina IN: FIN SU: TNM

SB -- CH012 -- 2438 09/15/93 17:08 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 15, 1993
Words:379
Previous Article:INDUSTRY LEADERS FORM COMPONENT INTEGRATION LABORATORIES TO DELIVER SOFTWARE INTEROPERABILITY
Next Article:AMERICAN WASTE SERVICES APPOINTS DIRECTOR
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters