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FIRST CITIZENS ENTERS AGREEMENT TO BUY DURHAM BRANCHES FROM RALEIGH FEDERAL SAVINGS BANK

 FIRST CITIZENS ENTERS AGREEMENT TO BUY DURHAM
 BRANCHES FROM RALEIGH FEDERAL SAVINGS BANK
 RALEIGH, N.C., July 30 /PRNewswire/ -- First Citizens Bank has reached an agreement to purchase from Raleigh Federal Savings Bank its two Durham offices, according to First Citizens President James B. Hyler Jr. and Raleigh Federal President Stanley E. Wright.
 No timetable has been established for the completion of the transaction, which is subject to regulatory approvals.
 The agreement calls for First Citizens to purchase for an undisclosed amount approximately $11.5 million deposits and about $7.6 million in loans. The bank will also acquire the two facilities, which are located at 3808 Guess Road and 1308 Highway 54.
 Hyler said the acquisition would strengthen the bank's presence in Durham. "We are excited about the opportunity to expand our Durham operation. We recently opened a new main office here, and this agreement is another sign of our commitment to the Durham market." The First Citizens main office is located at 3200 Hillsborough Road..
 Wright said that although Raleigh Federal remains positive about the Durham market, a substantial additional investment would be required for the institution to obtain a significant share of the Durham market. "It would be very difficult for us to adequately serve the Durham community from two locations. We are confident that First Citizens will continue to meet the needs of our Durham customers very satisfactorily."
 First Citizens serves North Carolina with 321 locations in 171 cities and towns. Raleigh Federal has offices in 20 cities and towns in the Research Triangle Park and Eastern North Carolina.
 -0- 7/30/92
 /CONTACT: Alex G. MacFadyen, First Citizens, 919-755-7424, or Rex Williams, Raleigh Federal, 919-833-7511/
 (RFBK) CO: First Citizens Bank; Raleigh Federal Savings Bank ST: North Carolina IN: FIN SU: TNM


DF -- CH009 -- 5311 07/30/92 17:11 EDT
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Publication:PR Newswire
Date:Jul 30, 1992
Words:305
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