FCFT, Inc.
P O Box 5909
Princeton, West Virginia 24740
April 24, 1997
Securities and Exchange Commission
Washington, DC 20549
Gentlemen:
We are transmitting Form 8-K for FCFT, Inc. as of April 22,
1997 relative
to the acquisition of Blue Ridge Bank by FCFT, Inc.
Sincerely,
FCFT, Inc.
Randy K. Walker
Vice President-Operations
<PAGE>
SECURITIES AND
EXCHANGE ACT
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:
April 22, 1997
FCFT, INC.
____________________________________________________________
_____
(Exact name of registrant as
specified in its
charter)
Delaware 0-
19297
55-0694814
____________________________________________________________
_____
(State or other jurisdiction (Commission
(IRS Employer
of incorporation) File
Number)
Identification No.)
P.O. Box 5909, Princeton, West Virginia
24740
____________________________________________________________
_____
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area
code
(304) 487-9000
<PAGE>
INFORMATION TO BE INCLUDED
IN REPORT
ITEM 1 Not applicable
ITEM 2 Not applicable
ITEM 3 Not applicable
ITEM 4 Not applicable
ITEM 5 Other Events
At the close of business on April 9, 1997, FCFT, Inc. (FCFT)
acquired 100% of
the common stock of Blue Ridge Bank (Blue Ridge),
headquartered in Sparta,
North Carolina. Blue Ridge is a $105 million state-
chartered bank with
offices located in Sparta, Elkin, Hays and Taylorsville,
North Carolina.
Pursuant to the Agreement and Plan of merger, FCFT exchanged
cash of $19.50
for each of Blue Ridge's 1,212,148 common shares.
Immediately before the
acquisition Blue Ridge cancelled outstanding stock options
through the
payment of $727,948 representing the difference between
$19.50 and the
respective option price. Total consideration including the
purchase of the
options was $24.6 million and resulted in an intangible
asset of
approximately $13.3 million which will be amortized over a
15 year period.
The acquisition was accounted for under the purchase method
of accounting.
Accordingly, results of operations of Blue Ridge will be
included in
consolidated results of FCFT from the date of acquisition.
Subsequent to
merger, Blue Ridge will operate as a wholly-owned subsidiary
of FCFT, Inc.
ITEM 6 Not Applicable
ITEM 7 Not Applicable
ITEM 8 Not Applicable
ITEM 9 Not Applicable
<PAGE>
Pursuant to the requirements of the Securities Exchange Act
of 1934, the
Registrant has duly caused this report to be signed on its
behalf by the
undersigned hereunto duly authorized.
FCFT, Inc.
____________________________
Registrant
DATE April 22, 1997
/S/ John M. Mendez
John M. Mendez
Vice President & Chief
Financial Officer
