SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 17, 1994
CCB FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
North Carolina 0-12358 56-1347849
(State or other (Commission File No.) (IRS Employer
jurisdiction of Identification
incorporation) No.)
111 Corcoran Street, Post Office Box 931, Durham, NC 27702
(Address of principal executive offices)
Registrant's telephone number, including area code (919) 683-7777
N/A
(Former name or former address, if
changed since last report)
<PAGE>
Item 5. Other Events
The Registrant's acquisition of Graham Savings Bank, SSB, Graham,
North Carolina ("Graham Savings") was consummated October 1993.
Thereafter two depositors of Graham Savings contested the
acquisition through various legal actions. The two depositors
and the Registrant announced in a press release dated August 17,
1994 that the Registrant and Graham Savings have agreed to pay an
additional one percent bonus interest payment to Graham Savings
depositors and that further legal actions contesting the
acquisition will be terminated. The bonus interest payment which
will total approximately $1,000,000 will primarily be provided
through reductions in fees and retirement benefits previously
agreed to be provided to Graham Savings directors.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit 99.1 Press Release issued August 17, 1994
<PAGE>
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.
CCB FINANCIAL CORPORATION
Registrant
Date: August 24, 1994 By: /S/ W. Harold Parker, Jr.
W. Harold Parker, Jr.
Senior Vice President
and Controller
Contact: W. Harold Parker, Jr. Phone Number: (919) 683-7631
FOR IMMEDIATE RELEASE August 17, 1994
GRAHAM SAVINGS DEPOSITORS TO GET AN ADDITIONAL $1,000,000
Graham, NC - Maurice Koury and Cary Allred, two depositors
of Graham Savings Bank, along with CCB Financial Corporation
and Graham Savings Bank, announced today that CCB and
Graham Savings have agreed to pay an additional amount of
approximately $1,000,000 to the depositors of Graham Savings Bank who
were on record July 31, 1993, and that all legal actions will be
terminated.
CCB and Graham Savings have agreed to pay depositors a
third interest bonus payment in 1995. Also, the interest bonus
payment due this year will be made regardless of average daily
balance since the first bonus interest payment. Graham Savings Bank
depositors of record on July 31, 1993 received a 1.25% bonus in
October, 1993 and now will receive a 1% bonus in October, 1994 and an
additional 1% bonus in October, 1995 regardless of whether they kept
the same balance in accounts as of July 31, 1993.
Cary Allred said, "The additional guaranteed payments,
regardless of average daily balance, are a tremendous improvement for
depositors and brings to over $3,000,000 in direct benefits to Graham
Savings Bank depositors through the efforts of Maurice Koury and
myself."
Also, a new Community Benefits Committee will be established
to distribute the remainder of $1,000,000, set aside in last
year's merger agreement to be donated to community non-profit
groups over five years. Koury, Allred and another depositor will
work with three Graham Savings Bank Directors to distribute the
funds.
Maurice Koury stated that he is "gratified to see the Graham
Savings depositors receive this additional benefit from the
merger. We now look forward to a progressive CCB-Graham Savings
partnership in the community."
"This breakthrough will benefit the depositors, the Graham
community and CCB shareholders. Now we can really focus on
the future," said Ernest C. Roessler, CCB President and Chief
Executive Officer. Roessler also stated that Koury and Allred will
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not receive any more benefit than any other depositor and that the
additional $1,000,000 given to depositors will come from funds
established by Graham Savings Board of Directors.
All three bonus payments will total 3.25% in additional
interest paid on the funds which each Graham Savings
customer had on deposit as of July 31, 1993.
"Throughout this very expensive and time-consuming legal
process, Mr. Koury and I have tried to do our best for Graham
Savings depositors under the circumstances and hope they will be
pleased with our results," stated Cary Allred.
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