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 1, 2000
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.
On February 1, 2000, the Corporation's Board of Directors
approved the repurchase of up to 2,000,000 shares of the
Corporation's common stock and additional repurchases needed to
retire any shares issued for the exercise of options, awards of
restricted stock or for other corporate purposes. The
authorization, part of the Corporation's continuing program for
share repurchases, expires on December 31, 2000. During previously
adopted stock repurchase plans, the Corporation repurchased and
retired 1,509,634 shares in 1999 and 1,391,300 shares in 1998.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit 99. Press Release dated February 1, 2000
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 2, 2000 By: /s/ SHELDON M. FOX
Sheldon M. Fox
Executive Vice President and
Chief Financial Officer
Date: February 2, 2000 By: /s/ W. HAROLD PARKER, JR.
W. Harold Parker, Jr.
Senior Vice President and
Chief Accounting Officer
2
FOR IMMEDIATE RELEASE
Analyst Contact: Sheldon Fox (919)683-7645
February 1, 2000
Media Contact: Eileen Sarro (919)683-7642
CCB FINANCIAL CORPORATION
ANNOUNCES FURTHER SHARE REPURCHASE AUTHORIZATION AND DIVIDEND
DECLARATION
Durham, N.C. -- CCB Financial Corporation (NYSE: CCB) announced
today that its Board of Directors authorized the purchase of up
to 2,000,000 of its shares, as part of its continuing program of
share repurchases. The authorization also includes the
repurchase of any shares issued for the exercise of options,
restricted stock awards, or other corporate purposes. This
action reflects CCB's ongoing efforts to manage its capital base
efficiently.
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 on December 31, 2000.
The Board of Directors also declared a regular quarterly cash
dividend on common stock of $.29. The dividend is payable April
3, 2000 to shareholders of record March 15, 2000.
CCB Financial Corporation had 39.6 million common shares
outstanding at December 31, 1999.
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 and Trust
Company in North Carolina and American Federal Bank, FSB in South
Carolina, serve customers through 207 offices, including twenty-
one open seven days a week in Harris Teeter stores, 228 ATMs, its
Telebanking Center, and on-line banking for both retail and
commercial accounts. As of December 31, 1999, CCB had total
assets of $8.2 billion.
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