Exhibit 99
FOR IMMEDIATE RELEASE
For more information: Frank Pattillo Susan Caddell
Centura Banks Inc. Triangle Bancorp Inc.
252-454-8341 919-881-0455, ext. 142
fpatillo@centura.com slcaddell@trianglebank.com
CENTURA BANKS INC. AND TRIANGLE BANCORP INC.
COMPLETE THE MERGER OF THE TWO COMPANIES
ANNOUNCED IN AUGUST 1999, THE MERGER IS COMPLETED FEB. 18 AS SCHEDULED
ROCKY MOUNT, N.C., FEB. 22, 2000 - Centura Banks Inc. and Raleigh, N.C.-based
Triangle Bancorp Inc. announced today that they have successfully completed the
merger of the companies.
Centura and Triangle announced on Aug. 23, 1999, that they had reached
a definitive agreement under which Centura would acquire Triangle. The Federal
Reserve approved the merger in January, and shareholders of both institutions
approved the merger earlier this month.
The merger significantly expands Centura's market share in key
metropolitan areas throughout North Carolina and provides the company with a
major presence in Raleigh. The combined company in the Raleigh/Durham MSA now
has deposits of more than $1.2 billion and 34 locations. Overall, Centura has
255 financial services locations throughout North Carolina, Virginia and South
Carolina, with total assets of more than $11 billion and deposits of more than
$7 billion.
"Our primary objective in the execution of this merger is to have a
positive impact on the customers of both companies," said Cecil Sewell,
Centura's chief executive officer. "In nearly all the markets where the
companies overlapped, Centura is now stronger, with more locations and access
options. Customer service will remain our first priority and will continue to
guide our decisions as we further integrate the two companies."
Under terms of the transaction, each Triangle shareholder will receive
0.45 shares of Centura stock for each Triangle share. In aggregate, Centura will
issue approximately 11 million shares of Centura stock to Triangle shareholders.
The transaction is being accounted for as a pooling of interests.
Prior to the closing of the transaction, Centura's board of directors
rescinded all authorizations to buy back shares of Centura common stock.
CENTURA AND TRIANGLE COMPLETE MERGER, PAGE 2
- more -
"Becoming a part of the Centura organization offers distinct advantages
to our customers," said Michael S. Patterson, Triangle's chairman, president and
chief executive officer, who becomes chairman of Centura's 30-member board of
directors, including seven new directors from Triangle. "They now have access to
an expanded array of financial products and services through an increasingly
sophisticated range of channels."
Before the merger's completion, Centura and Triangle announced the
divestitures of two Centura branches and 17 Triangle branches. These
divestitures were mandated by regulatory agencies as a step toward completion of
the merger. In addition, Triangle's staff size was reduced by approximately 180
redundant positions, and another 200 through attrition.
Centura is implementing an e-commerce strategy and has developed a
sophisticated customer information database that allows the company to customize
financial services solutions to individual customer needs.
In March, Centura will launch a new brand advertising campaign
featuring print, radio and outdoor. More details will be released in the coming
weeks.
ABOUT CENTURA
Centura Banks Inc. provides a complete line of banking, investment,
insurance, leasing and asset management services to individuals and businesses.
Centura's broad range of financial solutions is provided through its
full-service financial offices and Centura Highway, the bank's multifaceted
customer access system that includes telephone banking, an extensive ATM
network, PC banking, online bill payment and the bank's suite of Internet
products and services. Additional information may be found on Centura's Web site
at www.centura.com.
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