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) February 25, 1998
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 February 25, 1997, the Registrant's Board of Directors
authorized the purchase of up to 500,000 shares of the Registrant's
common stock. Additional repurchases needed to retire any shares
issued for the exercise of options, the dividend reinvestment plan
or other corporate purposes are also authorized. Purchases can
begin immediately and will be made through open market purchases or
privately negotiated transactions, subject to market conditions and
trading restrictions. The authorization expires in October 1998.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit 99.1 News Release dated February 25, 1998
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 3, 1997 By: /s/ ROBERT L. SAVAGE, JR.
Robert L. Savage, Jr.
Senior Vice President and
Chief Financial Officer
Date: March 3, 1997 By: /s/ W. HAROLD PARKER, JR.
W. Harold Parker, Jr.
Senior Vice President and
Chief Accounting Officer
NEWS RELEASE
For further information, contact:
W. Harold Parker, Jr. (919) 683-7631 For Immediate Release
Robert L. Savage, Jr. (919) 683-7645
CCB FINANCIAL CORPORATION
ANNOUNCES SHARE REPURCHASE AUTHORIZATION
Durham, NC, February 25, 1998--CCB Financial Corporation
(NYSE:CCB) announced today that its Board of Directors authorized
the purchase of up to 500,000 of its shares, plus additional
purchases needed to retire any shares issued for the exercise of
options, Dividend Reinvestment Plan or other corporate purposes.
Purchases can begin immediately and will be made through open
market or privately negotiated transactions, subject to market
conditions and trading restrictions. The authorization will
expire in October 1998.
CCB Financial Corporation had common shares outstanding of 20.8
million at December 31, 1997.
CCB Financial Corporation offers a complete line of traditional
banking services, as well as a full array of financial products,
such as investments, insurance and trust services. Its two
principal banking subsidiaries, Central Carolina Bank in North
Carolina and American Federal Bank in South Carolina, serve
customers through 199 offices, including thirteen open seven days
a week in Harris Teeter stores, 211 ATMs, its Telebanking Center,
and on-line banking for both retail and commercial accounts. As
of December 31, 1997, CCB had total assets of $7.1 billion.
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CCB FINANCIAL CORPORATION
111 CORCORAN STREET, DURHAM, NC 27701
P.O. BOX 931, DURHAM, NC 27702
FAX (919)682-3870
