For Immediate Release
September 26, 2000
For more information: Steven J. Goldstein
Chief Financial Officer
Centura Banks, Inc.
(252) 454-8356
[email protected]
CENTURA BANKS INC. AUTHORIZES STOCK REPURCHASE PROGRAM
ROCKY MOUNT, N.C., September 26, 2000 - Centura Banks Inc. (NYSE: CBC) today
announced that its board of directors has approved a stock repurchase program
for up to 1.5 million shares of its common stock, or approximately 3.75% of its
39.9 million shares outstanding as of September 25, 2000.
Centura will repurchase the stock periodically in the open market or in
privately negotiated transactions, depending upon general market conditions, the
company's share price and other factors. The program may be discontinued at any
time and is subject to a maximum authorized purchase total of $67.5 million.
"We initiated the stock repurchase program because executive management and the
board believe Centura's shares offer a compelling value in light of the
company's positive long-term outlook and recent depressed valuations in the
banking sector," said Cecil W. Sewell, chief executive officer. "This move
effectively reduces our capital, positively influencing EVA while keeping our
capital ratios well above the targets established for well-capitalized
institutions."
<PAGE>
About Centura
-------------
With assets of more than $11 billion and deposits exceeding $7 billion, Centura
Banks Inc. provides a complete line of banking, investment, insurance, leasing
and asset management services to individuals and businesses in North Carolina,
South Carolina and Virginia. Centura's broad range of financial solutions is
provided through more than 240 full-service financial offices and Centura
Highway, the bank's multifaceted customer access system that includes telephone
banking, an extensive ATM network, PC banking, online bill payment and the
bank's suite of Internet products and services. Additional information may be
found on Centura's Web site at www.centura.com.
# # #
