EXHIBIT 99.1


For lmmediate Release

October 28, 1998

For More Information     Steven Goldstein         Dennis R. Stewart
                         Chief Financial Officer  Chief Financial Officer
                         Centura Banks, Inc.      First Coastal Bankshares, Inc.
                         (252) 454-8356           (757) 428-9331
                         sgoldstein@centura.com

CENTURA TO ACQUIRE FIRST COASTAL BANKSHARES, INC.


Centura Banks, Inc.  ("Centura",  NYSE: CBC) and First Coastal Bankshares,  Inc.
("First  Coastal",  Nasdaq National  Market:  FCBK) of Virginia Beach,  Virginia
announced today the execution of a definitive  agreement that will significantly
expand Centura's presence in the Hampton Roads region of Virginia.

Centura will acquire First Coastal in a stock transaction valued at $117 million
or $23.50 per First Coastal share.  Centura's offer is  approximately  2.5 times
First  Coastal's  September  30, 1998 book value and 23.5 times First  Coastal's
estimated  1999 earnings per share.  The exchange  ratio will be .3400 shares of
Centura  common  stock for each share of First  Coastal  common stock so long as
Centura's  average  closing  price  for 10  days  prior  to the  closing  of the
transaction  is between  $58.7563 and $79.4938 per share.  The exchange ratio is
subject to adjustment  should the average closing price differ from these stated
boundaries.  The  transaction,  approved  by the  board  of  directors  of  both
companies, will be accounted for as a pooling of interests.

First Coastal, with approximately $578 million in assets,  operates 17 financial
centers throughout  Hampton Roads.  Centura operates 9 financial service stores,
including 8 in the  Hannaford  supermarkets,  in the same  region.  The combined
companies  will have 26  financial  service  outlets in one of the most  dynamic
markets on the eastern seaboard.

"We are  delighted  with the  opportunity  to expand our presence in the Hampton
Roads,  Virginia  market  with an  institution  of First  Coastal's  outstanding
reputation",  said Cecil W.  Sewell,  Chairman  and Chief  Executive  Officer of
Centura,  "First  Coastal  brings a business  strategy  and retail  distribution
network which  complements  Centura's and  significantly  adds to our ability to
serve this important market."

"We are extremely excited to join the Centura team and look forward to expanding
the array of financial products and services we offer our customers",  said John
A.B.  Davies,  Jr.,  First  Coastal's  President  and Chief  Executive  Officer.
"Centura's  vision  for  the  future  of the  financial  services  industry  and
commitment to its  customers  mirrors our own and we see this  combination  as a
means to enhance value to our  shareholders  and customers  while  providing new
opportunities  for our  employees."  Mr.  Davies  will  assume the  position  of
regional  president/Virginia  market and will lead Centura's growing presence in
this dynamic region.






The transaction provides First Coastal shareholders a premium of 26 percent over
the value of their shares on October 27, 1998.  Centura expects the merger to be
accretive  to 1999  earnings  per  share.  It is  estimated  that  cost  savings
opportunities,  including  the  elimination  of redundant  operations,  enhanced
technology,  and the  optimization of retail  financial  centers and alternative
delivery  channels,  will result in approximately 15 percent  reduction in First
Coastal's operating expenses.

The transaction is subject to normal shareholder and regulatory approvals. Under
the terms of the  agreement,  First  Coastal  has  granted  Centura an option to
purchase up to 19.9 percent of First Coastal's  outstanding shares under certain
conditions.  The  transaction  is expected to close during the first  quarter of
1999.

With  assets of $7.8  billion,  Centura  provides  a complete  line of  banking,
investment,  leasing, insurance and trust services to individuals and businesses
throughout  North  Carolina,  South  Carolina,  and the Hampton  Roads region of
Virginia.  Centura  offers its  customers  a variety of  services  and  delivery
channels including 210 full-service  financial  services;  more than 315 ATMs at
financial centers, Wal- Mart stores and Sam's outlets; Centura Highway telephone
banking  center;  Centura's  Internet  site;  and through  leading  online money
management software packages.  Additional information about Centura is available
on its website at www.centura.com.

First  Coastal is a unitary  savings and loans  holding  company,  the principal
subsidiary of which is First Coastal Bank (the "Bank"). The Bank is entering its
64th year of providing  full banking  services to customers in the Hampton Roads
area of Virginia throughout its network of financial center and ATM locations in
the cities of Chesapeake,  Hampton,  Newport News, Norfolk,  Virginia Beach, and
Williamsburg.  The  Bank and  First  Coastal  Mortgage  Corp.,  a  wholly  owned
subsidiary of the Bank,  originate  residential  mortgage  loans  throughout the
Hampton Roads area from offices in Virginia Beach, Chesapeake, and Newport News.