Printer Friendly

MUTUAL SAVINGS BANK OF ROCKINGHAM COUNTY, SSB ANNOUNCES APPROVAL OF CONVERSION/MERGER WITH BB&T FINANCIAL CORPORATION

 WILSON, N.C., Sept. 24 /PRNewswire/ -- Robert H. Roach, president and chief executive officer of Mutual Savings Bank of Rockingham County, SSB, and John A. Allison IV, chairman and chief executive officer of BB&T Financial Corporation (NASDAQ-NMS: BBTF), jointly announced today that Mutual Savings Bank's eligible voting members approved the Plan of Conversion whereby Mutual Savings Bank would be acquired by BB&T in a conversion/merger transaction. At the special member's meeting held earlier today, 81 percent of the total votes were cast in favor of the transaction (92 percent counting general proxies) and only 3 percent against.
 Terms of the approved Plan of Conversion provide for the conversion of Mutual Savings Bank from a state chartered mutual savings bank to a state chartered stock savings bank and for the simultaneous acquisition of Mutual Savings Bank by BB&T. It is anticipated that the conversion and acquisition will be consummated in late October.
 The conversion and acquisition will not affect the terms and balances of accounts at Mutual Savings Bank or the FDIC insurance coverage of such accounts.
 In connection with the conversion and acquisition, BB&T completed the subscription offering to Mutual Savings Bank's eligible account holders and voting members and a community offering to residents of and companies headquartered in Rockingham County. The closing price of BB&T's common stock today was $33.625, so shares were offered at 85 percent and 95 percent of that price, which was $28.58 and $31.94. Shares will be issued following consummation of the conversion and acquisition.
 Mutual Savings Bank of Rockingham County, SSB is headquartered in Reidsville, N.C., and reported assets of $82 million on June 30, 1993. Mutual Savings Bank operates two branches in Reidsville and one branch in Eden, 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- 9/24/93
 /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 Financial Corporation, or Robert H. Roach, President and Chief Executive Officer of Mutual Savings Bank of Rockingham County, SSB, 919-349-7017/
 (BBTF)


CO: BB&T Financial Corporation; Mutual Savings Bank of Rockingham
 County, SSB ST: North Carolina IN: FIN SU: TNM


MM -- CH010 -- 5594 09/24/93 17:19 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 24, 1993
Words:447
Previous Article:BANK SOUTH AND THE MERCHANT BANK ANNOUNCE DEFINITIVE AGREEMENT
Next Article:NEBRASKA CAPITAL CORPORATION TO JOIN BANC ONE CORPORATION
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters