ROCKY MOUNT, N.C. - Centura Banks Inc. said it has agreed to acquire Orange Federal Savings and Loan Association of Chapel Hill, N.C., in an $11.9 million exchange of stock.

One Centura share is to be exchanged for each Orange share if Centura's average stock price is at least $17 in the 10-day period ending three days before the closing. Centura's price Tuesday afternoon was $19, down 50 cents.

The briefs were compiled from staff and wire reports.

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