ROCKY MOUNT, N.C., Sept. 26 /PRNewswire/ -- Centura Banks Inc.
(NYSE: CBC) today announced that its board of directors has approved a stock
repurchase program for up to 1.5 million shares of its common stock, or
approximately 3.75% of its 39.9 million shares outstanding as of September 25,
2000.
Centura will repurchase the stock periodically in the open market or in
privately negotiated transactions, depending upon general market conditions,
the company's share price and other factors. The program may be discontinued
at any time and is subject to a maximum authorized purchase total of $67.5
million.
"We initiated the stock repurchase program because executive management
and the board believe Centura's shares offer a compelling value in light of
the company's positive long-term outlook and recent depressed valuations in
the banking sector," said Cecil W. Sewell, chief executive officer. "This
move effectively reduces our capital, positively influencing EVA while keeping
our capital ratios well above the targets established for well-capitalized
institutions."
About Centura
With assets of more than $11 billion and deposits exceeding $7 billion,
Centura Banks Inc. provides a complete line of banking, investment, insurance,
leasing and asset management services to individuals and businesses in North
Carolina, South Carolina and Virginia. Centura's broad range of financial
solutions is provided through more than 240 full-service financial offices and
Centura Highway, the bank's multifaceted customer access system that includes
telephone banking, an extensive ATM network, PC banking, online bill payment
and the bank's suite of Internet products and services. Additional
information may be found on Centura's Web site at http://www.centura.com .
SOURCE Centura Banks Inc.
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Related links:
http://www.centura.com
CONTACT:
Steven J. Goldstein, CFO of Centura Banks
Inc., 252-454-8356, or sgoldstein@centura.com
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