ROCKY MOUNT, N.C. -- The board of directors of Centura Banks Inc. has authorized the company to repurchase up to 700,000 shares, or 3.3% of its outstanding common stock, in association with the company's merger with Cleveland Federal Bank of Shelby, N.C.

The buyback will enable the merger to occur without a dilution of earnings per share.

The transaction is scheduled to close during the first quarter of 1995.

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