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): July 5, 2000
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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 5. Other Events
On July 5, 2000, Centura Banks, Inc. ("Centura") announced that it expects
diluted earnings per share for 2000 will range between $3.37 to $3.47, before
merger-related and other significant charges, compared with First Call consensus
of $4.05 per diluted share. Including merger-related and other significant
charges, Centura expects to report diluted earnings per share for the full year
2000 of $2.47 to $2.57. Contributing to the revised estimate is the cumulative
effect of rising interest rates that has put pressure on Centura's net interest
margin. Also contributing is an anticipated decline in fee-based income from
business lines sensitive to rising interest rates, an anticipated increase in
operating expenses, primarily from continued technology investments, filling of
previously approved vacant positions, and operating expenses from NCS Mortgage
Lending Company which was acquired in the first quarter of 2000.
A press release is attached as Exhibit 99.
Safe Harbor
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Statements made above, other than those containing historical information, are
forward-looking statements made pursuant to the safe-harbor provisions of the
Private Securities Litigation Act of 1995. These include statements about
Centura, including descriptions of plans or objectives of its management for
future operations, products or services, and forecasts of its revenues, earnings
or other measures of economic performance. Such statements reflect current
views, but are based on assumptions and are subject to risks, uncertainties and
other factors that may cause results to differ materially from those set forth
in such statements. Those factors include, but are not limited to, the
following: (i) expected cost savings from completed mergers may not be fully
realized or costs or difficulties related to the integration of the businesses
of Centura and merged institutions may be greater than expected; (ii) customer
and deposit attrition, or revenue loss, following completed mergers may be
greater than expected; (iii) competitive pressure in the banking industry may
increase significantly; (iv) changes in the interest rate environment may reduce
margins; (v) general economic conditions, either nationally or regionally, may
be less favorable than expected, resulting in, among other things, credit
quality deterioration and the possible impairment of collectibility of loans;
(vi) the impact of changes in monetary and fiscal policies, laws, rules and
regulations; (vii) the impact of the Gramm-Leach-Bliley Act of 1999; (viii)
changes in business conditions and inflation; and (ix) other risks and factors
identified in Centura's filings with the Securities and Exchange Commission and
other regulatory bodies.
Item 7. Financial statements and Exhibits.
The exhibit listed in the Exhibit Index is 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: July 7, 2000 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 July 5, 2000 5
