ROCKY MOUNT, N.C. -- First Savings Bank of Forest City received approval from state banking officials to convert to a stock savings bank from a mutual savings bank, and to become a wholly owned subsidiary of Centura Banks Inc.

As reported in March, the two banks agreed to merge, pending approval by a majority of First Savings Bank's eligible members and regulators.

Centura said the Administrator of North Carolina Savings Institutions approved the conversion of First Savings.

$13 Million of Shares

Centura said it would offer about $13 million of its common shares in a subscription offering to eligible members of First Savings and in a simultaneous community offering to residents of Rutherford County, N.C.

Centura said the offerings were scheduled to conclude Sept. 16, and it expects the merger with First Savings to be completed in October

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