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U.S. Department of Justice Seal and Letterhead
MONDAY, JANUARY 24, 2000  
(202) 616-2777
TDD: (202) 514-1888


Eighteen Branches in North Carolina Divested, Banking Services for
Consumers, Small Businesses Remain Competitive

WASHINGTON, D.C. -- The Department of Justice today announced that Centura Banks Inc. has agreed to sell about $315 million in deposits in 18 branches in North Carolina in order to resolve the Department's antitrust concerns about the pending merger of Centura and Triangle Bancorp Inc. The Department said that the deal, as originally proposed, would have reduced competition for commercial lending services.

Centura will sell branches in Rocky Mount, Columbus County, Granville County, Roanoke Rapids, Warren County, and Washington County, North Carolina. Centura also will not preclude other financial institutions from leasing or purchasing any bank branches that it may close due to consolidation resulting from this merger.

"These divestitures will assure that local customers, particularly small businesses, continue to have competitively priced banking services," said Joel I. Klein, Assistant Attorney General in charge of the Department's Antitrust Division.

The proposed merger of Centura and Triangle is subject to the final approval of the Board of Governors of the Federal Reserve System. The Department said that it will advise the Federal Reserve Board that, subject to divestiture of the branch offices and associated loans and deposits, the Antitrust Division will not challenge the merger.

Centura Banks is headquartered in Rocky Mount, North Carolina. It has $ 8.9 billion in assets and $6 billion in deposits. Its 227 banking offices are located in North Carolina , South Carolina, and Virginia.

Triangle Bancorp is headquartered in Raleigh, North Carolina. It has assets of approximately $2.3 billion and deposits totaling about $1.5 billion in 71 banking offices in North Carolina.

A list of the branches to be divested is attached.



Bank Branch Name Branch Address Town
Centura Chadbourn 111 Strawberry Blvd. Chadbourn
Triangle Pinetops 108 N. Third Street Pinetops
Triangle Tarboro Hope Lodge 100 EastHopeLodgeStreet Tarboro
Triangle Oxford Hillsboro 109 Hillsboro Street Oxford
Triangle Oxford-Linden Ave. 703 Linden Avenue Oxford
Triangle Battleboro 301 West Main Street Battleboro
Triangle Dortches 3635 N. Halifax Road Dortches
Triangle Nashville 343W.WashingtonStreet Nashville
Triangle Rocky Mount-Benvenue 1378 Benvenue Road Rocky Mount
Triangle Rocky Mount-Main 116 S. Franklin Street Rocky Mount
Triangle Rocky Mount-Sunset 2901 Sunset Avenue Rocky Mount
Triangle Rocky Mount-Winstead 450 N. Winstead Avenue Rocky Mount
Triangle Sharpsburg Main Street and Hwy 301 Sharpsburg
Triangle Seaboard 200 Main Street Seaboard
Centura Woodland 123 E. Main Street Woodland
Triangle Warrenton 207 S. Main Street Warrenton
Triangle Plymouth 433 U.S. Hwy 64 Plymouth
Triangle Roper 102 West Buncombe Street Roper