FIRST FINCORP, INC. ANNOUNCES FIRST QUARTER EARNINGS
FIRST FINCORP, INC. ANNOUNCES FIRST QUARTER EARNINGS KINSTON, N.C., April 22 /PRNewswire/ -- First Fincorp, Inc.
(NASDAQ: FIFC), the parent of First Financial Savings Bank, Inc., Kinston, North Carolina, reported a 44.5 percent increase in net income for the first quarter of 1992 as compared to the first quarter of 1991. Net income was $886,000, $.36 per share, for the three months ended March 31, 1992 versus $613,000, $.25 per share, for the three months ended March 31, 1991.
Tuesday, April 21, 1992, BB&T Financial Corporation and First Fincorp announced the approval by their respective Boards of Directors of an Agreement and Plan of Reorganization to combine the two companies. First Financial operates ten full service banking offices and three mortgage production offices in North Carolina. The company's emphasis has been to continue to provide quality financial products and services in the communities in which it has offices. At March 31, 1992, First Fincorp's total assets were $347 million and deposits were $300 million. President and CEO C. Allen Summerlin stated that the Company was excited about the announced merger with BB&T. He further stated, "BB&T is an extremely profitable, well capitalized and well positioned institution. It is a Carolinas' bank that is growing, expanding and has a history of outstanding profitability and bright future prospects. Our stockholders will benefit from a much more liquid market provided by BB&T's stock; our customers will benefit by the offering of more services; and our employees will be afforded expanded benefits and opportunities offered by BB&T whose Management's philosophy recognizes that acquired institutions do bring 'to the table' resources, especially people." -0- 4/22/92 /CONTACT: C. Allen Summerlin, First Fincorp, Inc. 919-527-0191/ (FIFC) CO: First Fincorp, Inc.; BB&T Financial Corp. ST: North Carolina IN: FIN SU: ERN TNM
DF -- CH011 -- 1482 04/22/92 17:08 EDT
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|Date:||Apr 22, 1992|
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