CCB Financial Corp. in Durham, N.C., said it has a deal to buy Stone Street Bancorp of Mocksville, N.C., for $35 million in cash and stock.

CCB, with $7.7 billion of assets, would pay $21.37 per share, about 1.23 times Stone Street's book value. At least 80% would be paid in stock.

Stone Street, parent of Stone Street Bank and Trust, has $127 million of assets and operates two branches in Davis County. The 78-year-old savings bank would be merged into CCB's Central Carolina Bank.

CCB said the deal would be immediately boost per-share earnings.

The company operates two bank subsidiaries with 215 branches in the Carolinas.

The deal is expected to close in the third quarter.

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