DURHAM, N.C. -- CCB Financial Corp. of Durham announced an agreement in principle to acquire Mutual Savings Bank of Lenoir, N.C. The thrift would first convert from the mutual to stock form of ownership.

CCB, the parent of Central Carolina Bank and Trust Co. and Republic Bank and Trust Co., would be making its first entry into Caldwell County. It has 97 offices in North Carolina and $2.3 billion in assets.

Mutual has $100.8 million in assets. The companies said they, expect to complete the transaction, pending a definitive agreement and regulatory approvals, early next year.

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