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SOUTHERN NATIONAL AGREES TO PURCHASE KINSTON BRANCH

 LUMBERTON, N.C., March 26 /PRNewswire/ -- Southern National Corporation (NYSE: SNB) and BB&T Financial Corporation (NASDAQ-NMS: BBTF) today jointly announced that Southern National has agreed to purchase, subject to receiving regulatory approval, a branch facility in Kinston from BB&T.
 BB&T completed the acquisition of First Fincorp, Inc., the holding company of First Financial Savings Bank of Kinston, on Feb. 24, 1993. In order to obtain regulatory approval for this acquisition, BB&T was required to divest itself of approximately $12 million in deposits in Lenoir County. Therefore, BB&T has sold the "Vernon Avenue branch" of First Financial Savings Bank to Southern National. As part of the transaction, Southern National will receive approximately $12 million in deposits and $2.9 million in consumer loans.
 This branch acquisition, expected to be completed in late May, will add a new market for Southern National which recently announced a merger with East Coast Savings Bank in nearby Goldsboro.
 BB&T and Southern National are working very closely to ensure a smooth transition for customers. Southern National has named a Kinston native, Bill Whaley, as Kinston City Executive. Whaley is a former area executive for First American Savings Bank.
 Southern National plans to add an additional drive-through window and Automated Teller Machine (ATM) at the Vernon Avenue location.
 -0- 3/26/93
 /CONTACT: Bob Denham, Public Relations, 919-671-2427, or (Analysts) John R. Spruill, Chief Financial Officer, 919-671-2530, both of Southern National Corporation, or C. Allen Summerlin, President and CEO, First Financial Savings Bank, 919-527-0191/
 (SNB BBTF)


CO: Southern National Corporation; BB&T Financial Corporation ST: North Carolina IN: FIN SU: TNM

CM -- CH001 -- 9943 03/26/93 08:33 EST
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Publication:PR Newswire
Date:Mar 26, 1993
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