DURHAM, N.C., Feb. 7 /PRNewswire/ -- The Trust and Investment Management
division of CCB and the Triangle Community Foundation (TCF) announced that
they will join forces in an effort to increase charitable giving throughout
the Triangle. The two organizations have agreed to pool their knowledge to
encourage the establishment of more endowed funds, trusts and other forms of
community giving. The agreement allows both partners to leverage their
natural advantages in fundraising and portfolio management to create a
superior environment for philanthropic giving in the area.
"With this partnership, CCB becomes an approved money manager for the
Foundation. We are able to offer the community additional charitable capital
and offer donors their choice of investment services and flexible fund
options, as well as allow them to obtain tax advantages," said Thomas W.
Murray, executive vice president of CCB.
"This partnership brings the best of both organizations together," related
Fred Stang, associate director of the Triangle Community Foundation. "CCB's
record of expert fund management combined with the Community Foundation's
expertise in helping individuals and families meet their charitable goals
effectively will benefit donors and the Triangle community alike."
Through TCF donors can support the causes most important to them within
the Triangle and beyond in a variety of ways, maximizing the size of their
gift with the help of CCB's portfolio managers. This teaming of skills will
reduce some of the barriers to charitable giving while increasing the size and
frequency of philanthropic initiatives.
The Foundation, founded in 1983 by Dr. George H. Hitchings, is an
organization that serves the philanthropic interests of Orange, Durham, Wake
and Chatham counties by managing and administering more than 400 separate
charitable funds and scholarships. TCF uses its expertise in Triangle charity
to maximize the impact of the funds under its management. Since 1983, TCF has
supervised the disbursement of more than $28 million in grants, including
$6.1 million in 1998-1999, targeting grants toward the community's most
pressing needs and promising opportunities. For more information about the
Triangle Community Foundation, visit their website at http://www.trianglecf.org .
CCB's Trust and Investment Management division serves clients in 27 states
and the District of Columbia. With 16 offices in the Carolinas, Virginia and
Florida, trust assets at the end of 1999 exceeded $5 billion.
CCB Financial Corporation's (NYSE: CCB) two banking subsidiaries, Central
Carolina Bank in North Carolina and American Federal Bank in South Carolina,
serve customers through 207 offices, 229 ATMs, its Telebanking Center, and
on-line banking for both retail and commercial accounts. As of December 31,
1999, CCB had total assets of $8.2 billion. News releases and other
information about CCB Financial are available on the Internet at the
Corporation's website, CCBonline.com .
SOURCE CCB Financial Corporation
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CONTACT:
Julie Moushon of CCB Financial Corporation,
919-683-7209
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