SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported): May 21, 1997
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CENTURA BANKS, INC.
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(Exact name of registrant as specified in charter)
North Carolina 1-10646 56-1688522
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(State of Incorporation)(Commission File Number)(IRS Employer Identification No.)
134 North Church Street, Rocky Mount, North Carolina 27804
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(Address of principal executive office) (Zip code)
Registrant's telephone number, including area code: (919) 977-4400
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N/A
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(Former name or former address, if changed since last report)
Exhibit Index on Page 4.
t:\brass\sec\/8K\8-K.doc
Item 5. Other Events:
On May 21, 1997, Centura Banks, Inc. ("Centura") has agreed to purchase 13
banking offices with deposits of $311 million and loans of approximately $200
million from United Carolina Bank and Branch Banking & Trust Company. A press
release is attached as Exhibit 99.
Item 7. Financial statements and Exhibits.
The exhibit listed in the Exhibit Index is filed herewith as part of this
Current Report on Form 8-K.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
CENTURA BANKS, INC.
Registrant
Date: May 21, 1997 By: /s/ Steven Goldstein
Steven Goldstein
Chief Financial Officer
EXHIBIT INDEX
Sequential
Page
Exhibit Description of Exhibit Number
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99 Press release dated May 21, 1997 5
For Immediate Release
May 21, 1997
For more information, contact: Steven Goldstein
Chief Financial Officer
(919) 977-8356
CENTURA ACQUIRES $300 MILLION IN DEPOSITS, SIGNIFICANTLY
BOOSTING EASTERN NORTH CAROLINA MARKET SHARE
ROCKY MOUNT, N.C. -- Centura Bank has agreed to purchase 13 banking
offices with deposits of $311 million and loans of approximately $200 million
from United Carolina Bank and Branch Banking & Trust Co. The transaction will
significantly increase Centura's market share and customer base in Eastern North
Carolina.
Since the net interest margin on the acquired loans and deposits is
similar to Centura's existing margin and the loan-to-deposit ratio is greater
than 60 percent, the transaction is expected to add value for Centura
shareholders almost immediately.
"This broadens our market share in the eastern region of North
Carolina, which is our traditional base of strength," said Cecil W. Sewell,
Centura's chairman and chief executive officer. "The locations complement
markets we already serve, and we will be able to provide new opportunities to
customers through our broad range of services such as online banking, telephone
banking, insurance, securities and more."
The 13 offices are located in 10 communities in Eastern and
Southeastern North Carolina. The towns of Clinton, Wadesboro and Whiteville each
have two offices, and single locations are in Goldsboro, Rockingham, Chadbourn,
Faison, Raeford, Kenansville and Williamston.
Centura expects to complete the transaction by mid-August.
The acquisition will push the company's assets above $6.7 billion.
Centura Bank, a subsidiary of Centura Banks Inc. (NYSE:CBC), provides a complete
line of banking, investment, insurance and trust services to individuals and
businesses throughout North Carolina and Virginia. It provides services through
172 financial centers; more than 265 ATMs at financial stores, Wal-Mart and
Sam's stores; the Centura Highway telephone banking center; and Quicken,
QuickBooks and Microsoft Money, the leading financial software packages; and its
web site at www.centura.com.
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