SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported): March 26, 1999
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CENTURA BANKS, INC.
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(Exact name of registrant as specified in charter)
North Carolina 1-10646 56-1688522
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(State of Incorporation) (Commission File Number) (IRS Employer
Identification No.)
134 North Church Street, Rocky Mount, North Carolina 27804
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(Address of principal executive office) (Zip code)
Registrant's telephone number, including area code: (252) 454-4400
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N/A
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(Former name or former address, if changed since last report)
Exhibit Index on Page 4.
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Item 2. Acquisition or Disposition of Assets:
On March 26, 1999, Centura Banks, Inc. ("Centura") completed the merger with
First Coastal Bankshares, Inc. ("First Coastal"). Under the terms of the
definitive merger agreement, First Coastal shareholders received 0.34 shares of
Centura common stock for each share of First Coastal common stock. The merger
was accounted for as a pooling-of-interests. Centura also rescinded its
previously stated intentions to purchase shares of Centura's common stock in the
open market pursuant to all previously announced share repurchase plans. Centura
has made no such purchases since the adoption of these plans in December 1998.
Item 7. Financial Statements and Exhibits:
The exhibits listed in the Exhibit Index are filed herewith as part of this
Current Report on Form 8-K.
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SIGNATURES
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, thereunto duly authorized.
CENTURA BANKS, INC.
Registrant
Date: March 30, 1999 By: /s/ Steven Goldstein
Steven Goldstein
Chief Financial Officer
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EXHIBIT INDEX
Sequential
Page
Exhibit Description of Exhibit Number
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99 Press release dated March 29, 1999 5
FOR IMMEDIATE RELEASE
March 29, 1999
For More Information: Steven J. Goldstein John A. B. "Andy" Davies, Jr.
Chief Financial Officer Regional President
Centura Banks, Inc. Virginia Market
252-454-8356 757-428-9331
[email protected]
CENTURA COMPLETES ACQUISITION OF FIRST COASTAL BANCSHARES
ROCKY MOUNT, NC - Centura Banks, Inc. (NYSE: CBC) today announced the
completion of its acquisition of First Coastal Bancshares, Inc., headquartered
in Virginia Beach, Virginia. Announced last October, the transaction increases
Centura's assets by approximately $560 million and, with the acquisition of
eighteen First Coastal financial offices, significantly strengthens Centura's
presence in the Hampton Roads region of Virginia. The additional locations bring
the total number of financial services offices operated by Centura in Virginia
to twenty-six.
"The acquisition underscores our commitment to enhancing Centura's
franchise in Virginia and, in particular, complements our long-term strategic
initiative for the Hampton Roads region, an important and dynamic market," said
Cecil W. Sewell, Jr., Centura's Chairman and CEO. "We look forward to building
on First Coastal's tradition of banking excellence and are pleased to provide
added value to our new customers by offering a complete line of financial
solutions that are tailored to individual needs and delivered through varied and
technologically innovative systems."
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"We are proud to join forces with Centura. We share similar cultures
and a remarkably similar passion for developing full service 'relationships'
with our consumer and business clients," added John A. B. "Andy" Davies,
formerly First Coastal's President and CEO, who is now serving as Centura's
Regional President, Virginia Market.
With assets of $8.8 billion, Centura provides a complete line of
banking, investment insurance, leasing and trust services to individuals and
businesses in North Carolina, South Carolina and Virginia. Centura's broad range
of financial services are provided through a variety of delivery channels,
including 225 full-service financial offices; more than 315 ATMs at financial
offices, Wal-Mart stores and Sam's outlets; the Centura Highway telephone
banking center; Centura's Internet site; and through leading online money
management packages. Additional information may be found on Centura's website at
www.centura.com.
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