ROCKY MOUNT, N.C., March 29 /PRNewswire/ -- Centura Banks, Inc.
(NYSE: CBC) today announced the completion of its acquisition of First Coastal
Bancshares, Inc., headquartered in Virginia Beach, Virginia. Announced last
October, the transaction increases Centura's assets by approximately $560
million and, with the acquisition of eighteen First Coastal financial offices,
significantly strengthens Centura's presence in the Hampton Roads region of
Virginia. The additional locations bring the total number of financial
services offices operated by Centura in Virginia to twenty-six.
"The acquisition underscores our commitment to enhancing Centura's
franchise in Virginia and, in particular, complements our long-term strategic
initiative for the Hampton Roads region, an important and dynamic market,"
said Cecil W. Sewell, Jr., Centura's Chairman and CEO. "We look forward to
building on First Coastal's tradition of banking excellence and are pleased to
provide added value to our new customers by offering a complete line of
financial solutions that are tailored to individual needs and delivered
through varied and technologically innovative systems."
"We are proud to join forces with Centura. We share similar cultures and
a remarkably similar passion for developing full service 'relationships' with
our consumer and business clients," added John A. B. "Andy" Davies, formerly
First Coastal's President and CEO, who is now serving as Centura's Regional
President, Virginia Market.
With assets of $8.8 billion, Centura provides a complete line of banking,
investment insurance, leasing and trust services to individuals and businesses
in North Carolina, South Carolina and Virginia. Centura's broad range of
financial services are provided through a variety of delivery channels,
including 225 full-service financial offices; more than 315 ATMs at financial
offices, Wal-Mart stores and Sam's outlets; the Centura Highway telephone
banking center; Centura's Internet site; and through leading online money
management packages. Additional information may be found on Centura's website
at http://www.centura.com .
SOURCE Centura Banks, Inc.
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Related links:
http://www.centura.com
Company News On-Call:
http://www.prnewswire.com/comp/870954.html or fax,
800-758-5804, ext. 870954
CONTACT:
Steven J. Goldstein, Chief Financial Officer,
252-454-8356, or sgoldstein@centura.com, or John A. B. "Andy"
Davies, Jr., Regional President, Virginia Market, 757-428-9331,
both of Centura Banks, Inc.
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