RALEIGH, N.C. -- Raleigh Federal Savings Bank said it had agreed to sell the remaining 44 lots and the amenities that it owns in the subdivision known as Adams Mountain.
The price was not disclosed. Raleigh Federal acquired the 170-acre North Raleigh property in 1989.
The buyer, Adams Mountain Inc., is owned by Frank L. Robuck Jr., Tommy Fonville, John Morisey, and Neil Matthews.
Raleigh Federal's president, Stanley E. Wright, said the sale would reduce the thrift's non-performing assets by $1.95 million.