For Immediate Release

October 2, 1996

Contacts:                           Doug Haynes
                                    Public Affairs
                                    (919) 977-8429
                                    dhaynes@centura.com



CENTURA COMPLETES PURCHASE OF STAKE IN MORTGAGE COMPANY


         ROCKY MOUNT,  N.C -- Centura  Banks Inc.  (NYSE:CBC)  has completed its
purchase of a 49 percent stake in First Greensboro Home Equity Corp.,  which was
first announced in June.
         First   Greensboro  is  a  privately  owned  company   specializing  in
alternative  equity  lending for  homeowners  and  creative  financing  for home
buyers. It originates, purchases and sells residential home equity loans secured
primarily  by first  liens.  Its clients are people  whose  borrowing  needs are
generally not met by traditional financial institutions.
         Neither party  disclosed terms of the deal,  although  Centura said the
investment is expected to add economic value in the first year. First Greensboro
will retain controlling interest of the company.
         First  Greensboro has 32 offices 11 states,  including  North and South
Carolina,  Virginia, Texas, Florida,  Arkansas,  Illinois,  Tennessee,  Georgia,
Missouri and Oklahoma. The company plans to open four more offices by the end of
1996.
                                     -more-



CENTURA COMPLETES PURCHASE
OCTOBER 2, 1996
PAGE TWO

         Centura,  with assets of $5.9 billion,  offers a full range of banking,
investment,  insurance and trust services to individuals and businesses  through
158  financial  centers  and more than 230 ATMs in North  Carolina.  The company
recently  opened the first of its  planned  33  financial  centers in  Hannaford
supermarkets in the Carolinas and Virginia by the end of 1997.  Centura is still
the only North Carolina bank offering  online banking and bill payment  services
through  Quicken and Microsoft  Money,  the leading  personal  finance  software
packages, and has added online banking through America Online.
         More  information  on  Centura  is  available  on the World Wide Web at
http://www.centura.com.

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