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FIRST CITIZENS ACQUIRES SURETY FEDERAL FROM THE RTC

 RALEIGH, N.C., Aug. 28 /PRNewswire/ -- First Citizens Bank has acquired certain assets and assumed the deposits of Morganton-based Surety Federal Savings and Loan Association from the Resolution Trust Corporation (RTC).
 First Citizens Bank assumed the thrift's total deposits of about $70 million at the close of business on Friday, Aug. 27, according to James B. Hyler Jr., First Citizens' president, who made the announcement today.
 Service to the former thrift customers will continue without interruption. "First Citizens is committed to making the transition as smooth as possible for our new customers," Hyler said.
 Five offices of Surety Federal will open Monday, Aug. 30, as First Citizens Bank branches. Hyler said the bank plans to permanently keep open the thrift's offices in Morganton at 217 N. Sterling St. and in
Rutherford College at 711 Malcolm Blvd. First Citizens will lease the


Wilkesboro office at 203 W. Main St. until a new facility is approved and constructed. Offices in North Wilkesboro and Banner Elk will close within the next 60 to 90 days, with business transferring to nearby First Citizens branches. First Citizens will not open the thrift's Drexel office; business will transfer to the bank's Morganton office. Rutherford College and Wilkesboro are new markets for First Citizens. The bank already has a presence in Morganton and North Wilkesboro.
 Hyler said the decision to purchase the thrift institution was a strategic one. "We consider this acquisition as an economic and expedient way for us to build and strengthen our markets," he said. He added that the former thrift customers would be well-served by a full- service commercial bank and First Citizens' position of safety and soundness.
 The RTC is a federally chartered corporation created in 1989 by the Financial Institutions Reform, Recovery and Enforcement Act. Its purpose is to manage and dispose of failed savings and loan associations.
 First Citizens Bank is a $5.4 billion statewide financial institution that operates 311 branches in 170 towns and cities.
 -0- 8/28/93
 /CONTACT: Noel McLaughlin, Senior Vice President of First Citizens Bank, 919-755-2716 or (home) 919-571-0916/
 (FCNCA)


CO: First Citizens Bank; Surety Federal Savings and Loan Association ST: North Carolina IN: FIN SU: TNM

CM-MM -- CH001 -- 6850 08/28/93 09:00 EDT
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Publication:PR Newswire
Date:Aug 28, 1993
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