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) November 21, 1996
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 No.)
incorporation)
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)
Item 5. Other Events
On May 14, 1996 the Registrant announced the signing of a letter
of intent to acquire Salem Trust Bank of Winston-Salem, North
Carolina. The Registrant announced on November 21, 1996 that the
Special Meeting of shareholders of Salem Trust Bank scheduled for
that day had been temporarily postponed due to the Registrant and
Salem Trust renegotiating acquisition terms in light of the rise
in the Registrant's stock price.
Item 7. Financial Statements and Exhibits
Financial Statements
None
Exhibits
Exhibit 99 Press Release dated November 21, 1996
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: November 26, 1996 By: /s/ W. HAROLD PARKER, JR.
W. Harold Parker, Jr.
Senior Vice President
and Controller
NEWS RELEASE
For Further
Information
Please Contact: W. Harold Parker, Jr. Phone: (919) 683-7631
FOR IMMEDIATE RELEASE November 21, 1996
CCB FINANCIAL AND SALEM TRUST TEMPORARILY POSTPONE
SHAREHOLDER VOTE ON ACQUISITION
Durham, North Carolina-----CCB Financial Corporation (NYSE:CCB) and Salem Trust
Bank of Winston-Salem, North Carolina have agreed to temporarily postpone the
vote by Salem Trust shareholders at a Special Meeting scheduled for today on
whether Salem Trust would be acquired by CCB.
The postponement was agreed to as CCB and Salem Trust renegotiate details
of their acquisition terms due to the recent price rise of CCB's common stock.
Officials of both companies say they expect the Special Meeting to be
rescheduled and the merger approved in the near future.
"As much as ever, we look forward to having Salem Trust become a part of
the CCB family," said E. C. Roessler, CCB President and Chief Executive Officer.
"It is important for CCB to continue to find better, more innovative ways to
deliver services to customers, and Salem Trust has much to offer in helping us
achieve that objective."
Salem Trust President and Chief Executive Officer Gordon H.T. Sheeran
agreed, "We are on a sound, responsible track for combining our strengths with
the splendid franchise of CCB Financial Corporation. CCB will bring an array of
new products and service to Salem Trust customers, and Salem Trust will work
with CCB to extend its "private banking" approach to CCB customers throughout
the state."
CCB Financial Corporation is the bank holding company for Central Carolina
Bank and Trust Company which operates 154 offices located primarily in the
Piedmont section of North Carolina.
Salem Trust Bank, formed in 1986, has branches in Winston-Salem and
Wilmington. At September 30, 1996, Salem Trust had $158 million in total
assets.
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