CCB Financial Corp. said it has completed its acquisition of American Federal Bank, Greenville, N.C.

The stock transaction was valued at about $410.3 million.

American Federal shareholders received 0.445 of a CCB Financial common share for each American Federal share they held.

CCB Financial said the 40-branch American Federal will operate as a subsidiary under its own name.

In addition, William L. Abercrombie, who remains American Federal's president and chief executive officer, was elected vice chairman of CCB.

American Federal has assets of $1.3 billion. After the merger, CCB Financial had $7 billion of assets, $5.8 billion of deposits, and 202 branches in the Carolinas.

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