UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 21, 1997
CCB Financial Corporation
(Exact name of registrant as specified in its charter)
North Carolina 0-12358 56-1347849
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation)
111 Corcoran Street, Post Office Box 931, Durham, NC 27702
(Address of principal executive offices)
Registrant's telephone number, including area code (919) 683-7777
N/A
(Former name or former address, if changed since last report)
Item 5. Other Events.
On October 21, 1997, the Board of Directors of the
Registrant adopted a severance plan (the "Plan") for
employees that would be implemented in the event of a change
in control. The Plan was adopted in recognition of the
consolidations being experienced in the banking industry
which might generate uncertainties about a potential future
merger in which the Registrant might not be the surviving
entity. Such uncertainties might prevent the Registrant
from attracting and retaining qualified personnel. The
Board believes that the adoption of a severance compensation
plan of this kind will assure fair treatment of all
employees and reduce the distractions and other adverse
effects on employees' performance which are inherent in a
change in control. Severance payments would be based on
employee classification and years of service. Management of
the Registrant estimates that if the severance provision of
the Plan were effected under the most severe scenario, an in-
market merger, severance payments would total approximately
$.70 per share after-tax.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit 99.1 CCB Financial Corporation Plan for Severance
Compensation After A Change in Control
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, as amended, Registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
CCB FINANCIAL CORPORATION
Date: November 20, 1997 By: /s/ ROBERT L. SAVAGE, JR.
Robert L. Savage, Jr.
Senior Vice President and
Chief Financial Officer