DURHAM, N.C. - CCB Financial Corp. said it has purchased 450,000 shares of its common stock from the estate of George Watts Hill, the company's recently deceased chairman.

CCB, the $2.3 billion-asset parent of Central Carolina Bank, retired the shares, which represented 5.5% of the total outstanding. The Hill estate retains 4.8%.

CCB paid $36.60 a share, including the 30-cent dividend payable July 1 to shareholders of record June 14, in a privately negotiated transaction totaling $16.5 million.

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