ROCKY MOUNT, N.C., Jan. 22 /PRNewswire/ -- Robert R. Mauldin, chairman and
chief executive officer of Centura Banks Inc. since 1993, will retire on
February 1 as previously announced. He will be succeeded by Cecil W. Sewell
Jr., who currently serves as Centura's president and chief operating officer.
    Mauldin, who turned 62 last week, announced last March that he would
retire on February 1 of this year in order to give the board of directors and
Sewell adequate time to prepare for the change in leadership.
    "The last few years have been the most enjoyable and fulfilling of my
career, in large part because of the many wonderful people at Centura,"
Mauldin said. "I have been very fortunate to be associated with an inspiring
team that is setting the pace of leadership in the financial services
industry. I am highly optimistic about Centura's future and the ability of
Cecil Sewell and others to carry the company into a new century in new and
innovative ways."
    A native of China Grove, N.C., Mauldin has a degree in Business
Administration from the University of North Carolina at Chapel Hill. He became
president and chief operating officer of Centura when the company was formed
in a November 1990 merger between Peoples Bancorporation and Planters Corp.,
two regional bank holding companies based in Rocky Mount, N.C.
    Mauldin was named chairman and chief executive officer in January 1993,
completing a management succession agreement made when Centura was formed.
Previously, he was chairman and chief executive officer of Peoples Bank, one
of Centura's predecessor companies.  Mauldin started his banking career in
1959 and joined Peoples in 1969, then a $100 million bank with 22 branches.
He was named chairman and CEO of Peoples Bank in 1984.
    In that role, Mauldin partnered with Planters Bank Chairman Dick Futrell
to engineer the successful merger forming Centura. Futrell remains a member
of the executive committee of Centura's board of directors.
    Since its formation in late 1990, Centura has become an industry leader as
a retailer of financial services by expanding into insurance, securities
sales, money management services and innovative delivery systems including
electronic home banking and telephone banking.
    During the past five years, Centura has more than doubled in size, and net
income has grown at an annual compound rate of 38 percent. Market
capitalization was $178 million in 1990 and is now $1.1 billion.  Total per
share value has grown annually at a compound rate of 28.5 percent over the
past five years.
    In retirement, Mauldin will serve as chairman of the executive committee
of Centura's  board of directors and will be actively involved in his home
community of Rocky Mount as chairman of the board of N.C. Wesleyan College,
chairman of the Carolinas Gateway Partnership, a regional economic development
group, and will be involved in other roles.
    "Bob has led Centura to the success we enjoy today by instilling a culture
that balances an emphasis on performance with a concern for people," Sewell
said. "He has led us in pursuing an ambitious vision and achieving a level of
innovation uncommon for a financial services company our size. We look forward
to his continuing counsel on our board of directors."
    Sewell, 50, has served as president and chief operating officer of Centura
since October 1993. He previously served as senior executive vice president
with primary responsibilities for mergers and acquisitions, strategic
planning, human resources and credit policy.
    A native of Morehead City, N.C., Sewell has a Bachelor of Arts degree in
Economics from the University of North Carolina at Chapel Hill and an MBA
from Rollins College.  He was executive vice president of Mid-South Bank in
Sanford from 1973 to 1987, when he joined Peoples Bank in Rocky Mount as an
executive vice president.  In 1989, he was promoted to president of Peoples
Bancorporation and served in that role until the Centura merger.
    Sewell said he plans no major changes in Centura's strategic direction and
will wait until after the February meeting of Centura's board to announce  any
changes in organizational structure.
    With assets of $6.3 billion, Centura provides a complete line of banking,
investment, insurance and trust services to individuals and businesses
throughout North Carolina.  Centura provides financial services through: 166
financial stores, including 11 supermarkets; more than 255 ATMs, including
every N.C. Wal-Mart and Sam's store; the Centura Highway telephone center;
Quicken, QuickBooks and Microsoft Money software and America Online.

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