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CENTURA TO MERGE WITH FIRST SAVINGS BANK OF FOREST CITY

 ROCKY MOUNT, N.C., March 10 /PRNewswire/ -- Centura Banks Inc. (NYSE: CBC) and First Savings Bank of Forest City announced today their agreement to merge First Savings Bank with Centura Bank. First Savings Bank is a mutually-owned, state-chartered savings bank with $62 million in assets and $50 million in deposits as of Dec. 31, 1992.
 Under the agreement, First 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 First Savings Bank's eligible members.
 "This merger enhances the strong presence we are developing in the western half of North Carolina," said Robert R. Mauldin, Centura's chairman and president. "First Savings Bank of Forest City is a highly profitable institution in an attractive market and will firmly establish Centura with a leading market share in Forest City and the third highest market share in Rutherford County."
 John W. Perkins, president of First Savings Bank, stated, "We are excited about the benefits from this merger. While Centura will expand its customer base and achieve much higher market penetration in Rutherford County, we will benefit from a broader array of services and a much larger branch network."
 The merger with First Savings Bank, which is expected to be completed by late summer 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 and Watauga Saving and Loan in Boone. In addition, Centura has announced merger agreements with Brevard Federal Savings and Loan in Brevard and Granite Savings Bank in Granite Falls.
 With approximately $3 billion is assets, Centura Banks Inc. offers a broad range of financial services through its two subsidiaries, Centura Bank and Mid-South Bank. It operates 130 branches in 72 cities located throughout North Carolina.
 -0- 3/10/93
 /CONTACT: Cecil W. Sewell Jr., Centura Banks Inc., 919-977-4813, or John W. Perkins, First Savings Bank, 704-245-5442/
 (CBC)


CO: Centura Banks Inc.; First Savings Bank of Forest City ST: North Carolina IN: FIN SU: TNM

SB-MM -- CH003 -- 4749 03/10/93 14:28 EST
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Publication:PR Newswire
Date:Mar 10, 1993
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