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): October 4, 1996
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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.
Item 2. Acquisition or Disposition of Assets:
On October 1, 1996, Centura Banks, Inc. ("Centura") completed its purchase of
49% interest in First Greensboro Home Equity Corporation ("First Greensboro").
First Greensboro, a privately owned company specializing in alternative lending
for homeowners and homebuyers, retains controlling interest of the company. A
press release is attached as Exhibit 99.1.
Item 5. Other Events:
On October 3, 1996, Centura announced earnings for the three month and nine
month periods ending September 30, 1996. Excluding the impact of the one-time
special SAIF assessment, net income for the third quarter was $17.3 million and
fully-diluted earnings per share was $.74. The one-time special assessment
impacted net income by $4.2 million after the effect of income taxes resulting
in net income of $13.0 million and fully earnings per share of $.56 for the
three months ended September 30, 1996 compared to $15.9 million and $.65,
respectively, for the comparable 1995 quarter.
Excluding the special assessment, net income increased to $49.7 million or $2.13
per fully-diluted share for the nine months ended September 30, 1996. After the
special assessment, net income was $45.5 million compared to $45.0 million for
the same period of 1995 and earnings per fully-diluted share increased 3 cents
over the comparable nine months to $1.95. A press release is attached as Exhibit
99.2
Item 7. Financial statements and Exhibits.
The exhibits listed in the Exhibit Index are 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: October 4, 1996 By: /s/ Frank L. Pattillo
Frank L. Pattillo
Chief Financial Officer
EXHIBIT INDEX
Sequential
Page
Exhibit Description of Exhibit Number
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99.1 Press release dated October 1, 1996 5
99.2 Press release dated October 3, 1996 7