ROCKY MOUNT, N.C., Aug. 22 /PRNewswire/ -- Centura Bank (NYSE: CBC) is
making available at least $10 million in loans in several North Carolina
cities through two new programs designed to help low and moderate income
customers afford a home in today's expensive housing market.
    In a significant change, Centura has raised its maximum income eligibility
for families applying for its Affordable Housing Loans Program to 100 percent.
This means families now can earn 100 percent of the median average income in
their community and still qualify for an Affordable Housing Loan.  For many
families, the previous requirement that they earn no more than 80 percent of a
community's media income made it difficult to afford a home.
    "Home ownership is the cornerstone of financial security," said Centura
President Cecil Sewell.  "These new programs are the beginning of our renewed
effort to help low and moderate income families who cannot save for a down
payment but pay their bills and deserve the opportunity to own a home."
    In addition, Centura now offers a new loan in several major North Carolina
markets that finances 100 percent of the cost of the home, with no down
payment required.  Borrowers under the new AHP-100 loan must have satisfactory
credit.
    Centura will continue to offer its 97 percent Affordable Housing Loan that
requires only a three percent down payment, but allows gifts and grants to
meet the down payment requirement.  The 97 percent loan program offers some
prior credit forgiveness if the borrower has been current on his or her debts
for the 12 months preceding the application.
    Centura is introducing the AHP-100 program and raising the maximum income
allowed for its Affordable Housing Program in the following North Carolina
cities: Greensboro, Raleigh, Durham, Wilmington, Rocky Mount, Greenville,
Fayetteville, Charlotte and Elizabeth City.  Centura's existing 97 percent
program is available in all of its markets throughout North Carolina.
    If the new loan programs prove successful, Sewell said Centura will expand
the $10 million commitment and make the loans available in other markets.
    Unlike traditional mortgage programs, Centura's Affordable Housing Program
does not require applicants to purchase private mortgage insurance which
protects the bank in the event of a loan default.  This helps to keep the
borrowers' mortgage payments down.  Other benefits of Centura's Affordable
Housing Programs include free home ownership counseling, a 30-year repayment
term, and no maximum loan amount.
    With assets of $5.8 billion, Centura provides a complete line of banking,
investment, insurance and trust services to individuals and businesses
throughout North Carolina.  It provides services through 155 financial
centers, more than 200 ATMs at financial centers, Wal-Mart and Sam's stores,
the Centura Highway telephone banking center and Quicken and Microsoft Money,
the leading personal finance software packages.  Centura is opening 33 bank
offices in Hannaford supermarkets in the Carolinas and Virginia by the end of
1997.

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