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PIONEER BANCORP ENTERS INTO DEFINITIVE AGREEMENT PROVIDING FOR THE ACQUISITION OF PIONEER BY FIRST CITIZENS BANCSHARES

 ROCKY MOUNT, N.C., June 29 /PRNewswire/ -- Pioneer Bancorp, Inc. (NASDAQ: PSBN), headquartered in Rocky Mount, N.C., has entered into a definitive agreement providing for the acquisition of Pioneer by First Citizens Bancshares, Inc. (NASDAQ: FCNCA). The proposed transaction, which was previously announced by the companies on June 18, 1993, should, subject to the receipt of regulatory and Pioneer shareholder approvals, be completed in September 1993, according to company officials.
 Upon the completion of the transaction, it is currently anticipated that all Pioneer banking offices would be consolidated with or operated as branches of First Citizens Bank and First Citizens has committed to retain all Pioneer's customer contact employees.
 According to the agreement, Pioneer shareholders will receive $2 cash for each Pioneer share, subject to possible increases in the per share price if Pioneer is able to successfully divest its mortgage origination operations and/or profitably sell certain foreclosed properties. The total value of the transaction is estimated to be $3.6 million.
 Raleigh-based First Citizens is a $5.3 billion statewide full- service financial institution that operates 311 offices in 170 towns and cities in North Carolina. Pioneer is a $326 million thrift institution that operates 19 offices in 17 communities.
 -0- 6/29/93
 /CONTACT: Ed Roughton, President, Pioneer Bancorp, 919-446-0611/
 (PSBN FCNCA)


CO: Pioneer Bancorp, Inc.; First Citizens Bancshares, Inc. ST: North Carolina IN: FIN SU: TNM

MM -- CH006 -- 6851 06/29/93 16:08 EDT
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Publication:PR Newswire
Date:Jun 29, 1993
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