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Carolina Fincorp, Inc. Holding Company of Richmond Savings Completes Initial Stock Offering.

ROCKINGHAM, N.C.--(BUSINESS WIRE)--Nov. 22, 1996--Mr. R. Larry Campbell, President of Richmond Savings Bank, SSB, based in Rockingham, announced today that Richmond Savings Bank has completed its conversion from a North Carolina-chartered mutual savings bank to a North Carolina-chartered stock savings bank. As part of that conversion, the Savings Bank's holding company, Carolina Fincorp, Inc. issued 1,851,150 shares of its common stock which sold for a price of $10.00 per share.

The net proceeds of the offering are to be used for general corporate purposes permitted by applicable law and regulations, including the origination of residential real estate loans and other investments. Pending such use, investments will primarily be made in short-term investment securities such as U.S. government and government agency securities and interest bearing deposits.

On November 6, 1996, Richmond Savings Bank's Plan of Holding Company Conversion was approved by the Savings Bank's depositor and borrower members at a Special Meeting that was held at the main office of the Savings Bank.

Nasdaq National Market trading of the Carolina Fincorp, Inc. common stock is scheduled to begin on Monday, November 25, 1996 under the symbol "CFNC."

Mr. Campbell indicated that the Officers and Board of Directors of Richmond Savings want to express their thanks for the response by customers and the community to the stock offering and that Richmond Savings looks forward to serving the needs of its customers as a stock institution.

Trident Securities, Inc., Raleigh, North Carolina managed the stock conversion for Richmond Savings Bank and the initial offering of the common stock of Carolina Fincorp, Inc.

CONTACT: Richmond Savings Bank, SSB

R. Larry Campbell, 910/997-6245
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Publication:Business Wire
Date:Nov 22, 1996
Words:276
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