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) April 27, 1999 CCB Financial Corporation (Exact name of registrant as specified in its charter) North Carolina 0-12358 56-1347849 (State or other jurisdiction (Commission File (IRS Employer of incorporation) Number) Identification No.) 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 April 27, 1999, the Corporation's Board of Directors approved the extension, through December 31, 1999, of its previously announced program to repurchase up to 1,000,000 shares of the Corporation's common stock and additional repurchases needed to retire any shares issued for the exercise of options, awards of restricted stock or for other corporate purposes. Approximately 615,000 shares have been repurchased and retired to date. The Board also approved additional repurchases needed to retire any shares issued in connection with the Corporation's pending acquisition of Stone Street Bancorp, Inc. 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: May 4, 1999 By: /s/ SHELDON M. FOX Sheldon M. Fox Executive Vice President and Chief Financial Officer Date: May 4, 1999 By: /s/ W. HAROLD PARKER, JR. W. Harold Parker, Jr. Senior Vice President and Chief Accounting Officer