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RALEIGH FEDERAL ANNOUNCES SALE OF ADAMS MOUNTAIN DEVELOPMENT

 RALEIGH FEDERAL ANNOUNCES SALE OF ADAMS MOUNTAIN DEVELOPMENT
 RALEIGH, N.C., Sept. 4 /PRNewswire/ -- Raleigh Federal Savings Bank (NASDAQ-NMS: RFBK)today announced the pending sale of the remaining 44 lots and the amenities that it owns in the North Raleigh subdivision known as Adams Mountain to Adams Mountain, Inc., a corporation owned by Frank L. Robuck, Jr., Tommy Fonville, John Morisey and Neil Matthews. Closing on the sale is expected to occur by the end of September. The purchase price was not disclosed.
 Adams Mountain is a 170 acre subdivision located on Six Forks Road in North Raleigh adjacent to Falls Lake. Raleigh Federal acquired the property in 1989.
 Stanley E. Wright, President and CEO of Raleigh Federal, commented, "We are extremely pleased to sell our interest in Adams Mountain to a group with such an outstanding reputation for quality residential developments. The sale will also have the positive effect of reducing Raleigh Federal's level of non-performing assets by approximately $1.95 million."
 Neil Matthews, President of Adams Mountain, Inc., also commented, "Adams Mountain is a beautiful and unique neighborhood with an exciting future as a premier residential community."
 -0- 9/4/92
 /CONTACT: Stanley E. Wright, President and Chief Executive Officer, Raleigh Federal Savings Bank, 919-833-7511, or Neil Matthews, President, Adams Mountain, Inc., 919-876-7911/
 (RFBK) CO: Raleigh Federal Savings Bank ST: North Carolina IN: FIN SU:


SB -- CH010 -- 7070 09/04/92 16:25 EDT
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Publication:PR Newswire
Date:Sep 4, 1992
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