ROCKY MOUNT, N.C., Oct. 2 /PRNewswire/ -- Centura Banks Inc. (NYSE: CBC)
has completed its purchase of a 49 percent stake in First Greensboro Home
Equity Corp., which was first announced in June.
    First Greensboro is a privately owned company specializing in alternative
equity lending for homeowners and creative financing for home buyers. It
originates, purchases and sells residential home equity loans secured
primarily by first liens.  Its clients are people whose borrowing needs are
generally not met by traditional financial institutions.
    Neither party disclosed terms of the deal, although Centura said the
investment is expected to add economic value in the first year. First
Greensboro will retain controlling interest of the company.
    First Greensboro has 32 offices 11 states, including North and South
Carolina, Virginia, Texas, Florida, Arkansas, Illinois, Tennessee, Georgia,
Missouri and Oklahoma. The company plans to open four more offices by the end
of 1996.
    Centura, with assets of $5.9 billion, offers a full range of banking,
investment, insurance and trust services to individuals and businesses through
158 financial centers and more than 230 ATMs in North Carolina. The company
recently opened the first of its planned 33 financial centers in Hannaford
supermarkets in the Carolinas and Virginia by the end of 1997. Centura is
still the only North Carolina bank offering online banking and bill payment
services through Quicken and Microsoft Money, the leading personal finance
software packages, and has added online banking through America Online.
    More information on Centura is available on the World Wide Web at
http://www.centura.com.

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