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) January 31, 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.
Consummation of Merger with Salem Trust Bank. On January
31, 1997, the Registrant consummated its merger with Salem Trust
Bank ("Salem Trust"), a $165 million bank based in Winston-Salem,
North Carolina. The transaction was accounted for as a pooling-
of-interests. Approximately 680,000 shares of the Registrant's
common stock, .36 shares for each share of Salem Trust stock
outstanding, were issued to effect the merger.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit 99. Press Release dated February 3, 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: February 21, 1997 By: /s/ W. HAROLD PARKER, JR.
W. Harold Parker Jr
Senior Vice President
and Controller
W. Harold Parker, Jr. (919) 683-7631
FOR IMMEDIATE RELEASE February 3, 1997
CCB FINANCIAL CORPORATION AND SALEM TRUST BANK
ANNOUNCE COMPLETION OF MERGER
Durham, North Carolina-CCB Financial Corporation
(NYSE:CCB) announced today the completion of the acquisition
of Salem Trust Bank of Winston-Salem, N.C. The final
exchange ratio is .36 share of CCB Financial Corporation
common stock for each share of Salem Trust Bank common
stock.
Effective today, the former Winston-Salem office of
Salem Trust Bank is operating as an office of Central
Carolina Bank and Trust Company, the lead bank subsidiary of
CCB Financial Corporation. The Wilmington office of Salem
Trust Bank was merged into the CCB Oleander office effective
with the acquisition.
E. C. Roessler, President and Chief Executive Officer
of CCB commented: "We are very pleased to complete our
merger with Salem Trust Bank, including the conversion of
major processing systems. We are excited about the
combination and achieving the additional opportunities
available to us, particularly in the private banking arena."
Gordon H. T. Sheeran, President and Chief Executive
Officer of Salem Trust Bank commented: "We are also excited
about the completion of the merger and our shareholders'
ownership in a company with CCB's financial strength. Our
customers also benefit as they now have available a much
broader spectrum of financial products and services."
CCB Financial Corporation, with total assets of $5.5
billion, is the bank holding company for Central Carolina
Bank and Trust Company, which operates 161 offices located
primarily in the Piedmont section of North Carolina.
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