CONSENT OF FINANCIAL ADVISOR
 
                                                                    EXHIBIT 23.5
 
                                                                  April 18, 1997
 
CCB Financial Corporation
111 Corcoran Street
Post Office Box 931
Durham, North Carolina 27702-0931
 
DEAR SIRS:
 
     We hereby consent to the use of our opinion letter to the Board of
Directors of CCB Financial Corporation, included as Appendix D to the
Prospectus/Joint Proxy Statement which forms a part of the Registration
Statement on Form S-4 relating to the proposed merger of American Federal
Savings Bank, FSB with CCB Financial Corporation, and to the references to such
opinion in such Prospectus/Joint Proxy Statement under the captions
"SUMMARY -- The Merger," "THE MERGER -- Background of the Merger;
Recommendations and Reasons," and " -- Opinion of CCBF's Financial Advisor." In
giving such consent, we do not admit that we come within the category of persons
whose consent is required under Section 7 of the Securities Act of 1933, as
amended, or the rules and regulations of the Securities and Exchange Commission
thereunder, nor do we thereby admit that we are experts with respect to any part
of such Registration Statement within the meaning of the term "experts" as used
in the Securities Act of 1933, as amended, or the rules and regulations of the
Securities and Exchange Commission thereunder.
 
                                         Very truly yours,
 
                                         MERRILL LYNCH, PIERCE,
                                         FENNER & SMITH
                                         INCORPORATED
 
                                         By: /s/       JOHN P. ESPOSITO
 
                                         Name: John Esposito
                                         Title: Vice President