UNITED STATES
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) September 30, 1997
CCB Financial Corporation
(Exact name of registrant as specified in its charter)
North Carolina 0-12358 56-1347849
(State or other (Commission File (IRS Employer
jurisdiction of Number) 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 August 1, 1997, the Registrant consummated its
merger with American Federal Bank, FSB ("American Federal"),
a $1.3 billion institution located in Greenville, South
Carolina. The transaction was accounted for as a pooling-of-
interests. In the Registrant's Form S-4 (Registration
Statement No. 333-25705) filed on June 6, 1997,
restructuring expenses for the transaction were estimated at
$8.9 million and transaction expenses were estimated at $3.7
million. The Registrant now anticipates that restructuring
expenses will total $11.7 million and transaction expenses
will total $4.4 million.
During September, the data processing and systems
conversion of American Federal to the Registrant's data
processing systems was successfully completed. As a result,
transaction expenses and approximately $11.1 million of
restructuring expenses will be recognized in the third
quarter of 1997. The remaining restructuring expenses of
approximately $600,000 will be recognized in subsequent
periods, primarily in the fourth quarter of 1997.
The increase in restructuring expenses was due to
higher than anticipated data processing and systems
conversion expense of $700,000 and the remainder resulted
primarily from higher than anticipated costs associated with
excess facilities. The increase in transaction expenses was
primarily due to higher than anticipated advisory and legal
fees.
Additionally during the third quarter, the Registrant
will record a $1.6 million increase in the provision for
loan losses to provide for possible losses on three credit
relationships of American Federal.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, as amended, Registrant has duly caused this
report to be signed on its behalf by the undersigned
hereunto duly authorized.
CCB FINANCIAL CORPORATION
Date: October 3, 1997 By: /s/ W. HAROLD PARKER, JR.
W. Harold Parker, Jr.
Senior Vice President and Controller
