Centura Banks Inc. announced its biggest acquisition deal on Monday, saying it would buy Triangle Bancorp of Raleigh, N.C., for $608 million of stock.

The deal, valued at 3.6 times Triangle's book value and 24.3 times its earnings, would create the fifth-largest banking company in North Carolina, with $11.1 billion of assets. It would give Centura 80,000 additional households and would double its deposits in the Raleigh-Durham metropolitan area.

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