As A Step Toward Completing Their Merger, Expected to Close in the First
Quarter of 2000, the Companies to Divest 9 Additional Branches
ROCKY MOUNT, N.C., Dec. 23 /PRNewswire/ -- Centura Banks Inc. (NYSE: CBC)
and Triangle Bancorp Inc. (NYSE: TGL) announced today the planned divestiture
of one Centura Bank ("Centura") branch and eight Triangle Bank ("Triangle")
branches in North Carolina markets where their franchises overlap. These
divestitures, in addition to nine announced previously, were mandated by
banking regulatory agencies as a step toward completion of a merger between
Centura and Triangle, expected to close in the first quarter of 2000.
Acquiring banks have agreed to purchase the deposits and assume the assets
of the Centura and Triangle branches being divested. Upon regulatory approval
and completion of other conditions necessary for the transfer, customer
accounts of those branches would become accounts of the acquiring banks.
"We will continue to support the communities in locations where we were
required to divest branches," said Cecil Sewell, chief executive officer of
Centura Banks Inc. "We believe the remaining Centura branches in these
markets will be more than able to deliver the same high level of service and
financial solutions customers have come to expect from both Centura and
Triangle."
The following list contains the names of the acquiring financial
institutions and the Centura and Triangle locations they will acquire:
Centura Bank office
Financial Institution: To Acquire:
Southern Bank and Trust Co. 123 E. Main St., Woodland
Triangle Bank offices
Financial Institution: To Acquire:
Southern Bank and Trust Co. 301 W. Main St., Battleboro
343 W. Washington St., Nashville
200 Main St., Seaboard
Main St. at Hwy. 301 S., Sharpsburg
The Heritage Bank 112 E. Main St., Fremont
108 N. Third St., Pinetops
The Fidelity Bank 109 Hillsboro St., Oxford
First-Citizens Bank & Trust Co. 207 S. Main St., Warrenton
About Centura
Upon completion of the acquisition of Triangle Bancorp Inc., expected to
close late in the first quarter of 2000, Centura Banks Inc. will have assets
of approximately $11 billion. The company 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 225
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 centurahighway.com, 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
Company News On-Call:
http://www.prnewswire.com/comp/870954.html or fax,
800-758-5804, ext. 870954
CONTACT:
Frank Pattillo of Centura Banks Inc.,
252-454-8341, or fpattillo@centura.com , or Susan Caddell of
Triangle Bancorp Inc., 919-881-0455, ext. 142, or
slcaddell@trianglebank.com
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