BB&T Withdraws OTS Application in Proposed FloridaFirst Bancorp Merger

WINSTON-SALEM, N.C., Mar 17, 2003 /PRNewswire-FirstCall via COMTEX/ - BB&T
Corporation  (NYSE:  BBT) today said it has withdrawn its  application  with the
U.S.  Office of Thrift  Supervision  (OTS) for  approval to make an offer to buy
FloridaFirst Bancorp Inc. BB&T filed the application in November 2002.

(Photo: http://www.newscom.com/cgi-bin/prnh/20000131/BBTLOGO)

The OTS, which regulates all federally  chartered  thrifts,  previously  advised
BB&T that it needed to seek prior approval  because  FloridaFirst  had converted
from a mutual to stock form of ownership within the previous three years.

"The OTS is applying a rigorous  regulatory  standard toward the sale of thrifts
within three years of going  public,"  said BB&T  Chairman  and Chief  Executive
Officer  John  Allison.  "In light of  information  received  from the OTS staff
regarding our OTS application,  we felt it best to withdraw the application.  We
continue to believe BB&T and FloridaFirst would make excellent partners,  and we
hope  to be in a  position  to  commence  discussions  with  the  management  of
FloridaFirst when the three-year period expires in December of this year."

FloridaFirst  changed  to a stock  savings  bank and  reorganized  into a mutual
holding  company in April 1999,  then  underwent a second stage  conversion to a
full stock  company in December  2000.  BB&T and  FloridaFirst  could enter into
merger discussions in December 2003.

"Of course, we are disappointed that the current regulatory environment prevents
us  from  moving  forward  with  discussions  with  BB&T  at  this  time,"  said
FloridaFirst  President  and Chief  Executive  Officer  Greg  Wilkes.  "However,
FloridaFirst  continues to believe that a combination  with BB&T would be in the
best interests of our customers,  employees, and shareholders, and we hope to be
in a position to commence discussions with them after December 2003."

FloridaFirst  (Nasdaq:  FFBK), with $848 million in assets,  operates 19 banking
offices in Polk, Manatee, Highlands and Sumter counties in central Florida.

Winston-Salem-based  BB&T Corporation  (NYSE: BBT), with $80.2 billion in assets
as of Dec.  31,  operates  more than 1,100  banking  offices  in the  Carolinas,
Georgia,  Virginia,  Maryland,  West  Virginia,  Kentucky,  Tennessee,  Florida,
Alabama, Indiana and Washington, D.C.

This press  release  contains  forward-looking  statements as defined by federal
securities laws.  These  statements may address issues that involve  significant
risks,  uncertainties,  estimates and  assumptions  made by  management.  Actual
results could differ materially from current projections.