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CITIZENS SAVINGS BANK, SSB, INC. ANNOUNCES APPROVAL OF ACQUISITION BY BB&T FINANCIAL CORPORATION

 WILSON, N.C., Sept. 28 /PRNewswire/ -- Thomas M. Watchorn, president and chief executive officer of Citizens Savings Bank, SSB, Inc. and John A. Allison IV, chairman and chief executive officer of BB&T Financial Corporation (NASDAQ-NMS: BBTF), jointly announced that the eligible voting stockholders of Citizens Savings Bank approved the plan of reorganization and a related plan of share exchange whereby Citizens Savings Bank would be acquired by BB&T. At the special meeting of stockholders held last night, 80 percent of the total votes were cast in favor of the transaction and only 1.1 percent against.
 The acquisition will not affect the terms and balances of accounts at Citizens Savings Bank or the FDIC insurance coverage of such accounts.
 In connection with the acquisition, and pursuant to the approved plan of share exchange, BB&T will acquire all of the issued and outstanding shares of Citizens Savings Bank through a share exchange whereby Citizens Savings Bank common stock will be converted and exchanged for BB&T common stock. Stockholders of Citizens Savings Bank will exchange each share of Citizens Savings Bank's common stock for 0.9492 shares of BB&T common stock. The exchange ratio is subject to adjustment, depending on the average of the reported closing prices per share of BB&T common stock on the NASDAQ/National Market System on the ten trading days ending ten days prior to the effective date of the acquisition.
 Citizens Savings Bank, SSB, Inc. is headquartered in Newton, N.C., and reported assets of $264.2 million on June 30, 1993. Citizens Savings Bank conducts operations through its main office in Newton and eleven branch offices located in Catawba, Alexander, Lincoln and Gaston Counties, N.C.
 BB&T Financial Corporation reported total assets of $7.95 billion on June 30, 1993, and through its subsidiaries in North and South Carolina operates 240 offices in 126 cities. BB&T Financial Corporation's largest subsidiary, Branch Banking and Trust Company, is the oldest bank in North Carolina having been organized in 1872. BB&T's common stock is traded on the NASDAQ/National Market System and is listed under the symbol "BBTF."
 -0- 9/28/93
 /CONTACT: B. Gloyden Stewart Jr., senior vice president, investor relations, 919-399-4219, or Scott E. Reed, senior executive vice president & treasurer, 919-399-4418, both of BB&T, or Thomas M. Watchorn, president and chief executive officer, of Citizens Savings Bank, 704-464-5750/
 (BBTF)


CO: BB&T Financial Corporation; Citizens Savings Bank, SSB, Inc. ST: North Carolina IN: FIN SU: TMN

MM -- CH005 -- 6496 09/28/93 16:02 EDT
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Publication:PR Newswire
Date:Sep 28, 1993
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