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) March 19, 1997
CCB Financial Corporation
(Exact name of registrant as specified in its charter)
North Carolina 0-12358 56-1347849
(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification 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)
Item 5. Other Events.
Completion of Due Diligence of American Federal. On
February 17, 1997, Registrant and American Federal Bank, FSB
("American Federal"), Greenville, South Carolina, entered into a
definitive agreement under which American Federal would be merged
into and with Registrant. The Registrant and American Federal
jointly announced the satisfactory completion of due diligence on
March 19, 1997. The transaction is anticipated to close early in
the third quarter of 1997.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit 99. Press Release dated March 19, 1997
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: March 21, 1997 By: /s/ W. HAROLD PARKER, JR.
W. Harold Parker Jr.
Senior Vice President and Controller
PRESS RELEASE
For further information, contact:
Robert L. Savage, Jr. of CCB (919) 683-7645
Michael Trimble of AMFB (864) 255-7595
For release after 5:00 p.m. March 19, 1997
CCB FINANCIAL AND AMERICAN FEDERAL BANK
ANNOUNCE COMPLETION OF DUE DILIGENCE
Durham, North Carolina----CCB Financial
Corporation (CCB) and American Federal Bank, FSB (AMFB)
are pleased to announce the satisfactory completion of
their due diligence review and look forward to closing
the transaction early in the third quarter of 1997.
The combination of Durham-based CCB and
Greenville-based AMFB will form a financial institution
with approximately $6.9 billion in assets and $5.5
billion in deposits. Ninety percent of the deposits will
be located in metropolitan areas, including four along
Interstate 85: Raleigh-Durham, Greensboro-Winston-Salem-
High Point, Charlotte and Greenville-Spartanburg. CCB
will become the sixth-largest bank based in the Carolinas
and will rank 14th among banks in the Southeast.
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CCB FINANCIAL CORPORATION
111 CORCORAN STREET
P.O. BOX 931
DURHAM, NC 27702
