ROCKY MOUNT, N.C. - Centura Banks Inc. announced a letter of intent to acquire Granite Savings Bank of Granite Falls, N.C.

Granite, a state-chartered, mutually owned savings bank, had two branches, $98 million in assets, and $87 million in deposits as of Sept. 30.

Under the agreement, Granite Savings would convert to stock ownership and simultaneously combine with Centura Bank, the lead subsidiary of the $2.8 billion-asset Centura Banks. Pending approvals by regulators and Granite's ownership, the transaction is expected to be completed after mid-1993.

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