RALEIGH, N.C. -- Triangle Bancorp will acquire Atlantic Community Bancorp of Rocky Mount, N.C., in a tax free stockfor-stock exchange valued at $19.5 million, Triangle's president announced.

The deal, which is still subject to review by both parties, will swap six-tenths of a share of Triangle Bancorp's common stock for each share of Afiantic common stock.

Approximately 1.8 million Triangle shares will be issued.

Raleigh-based Triangle has been on an expansion binge this year.

The $303 million-asset bank had announced Sept. 2 that it would acquire $83 million-asset Standard Bank and Trust Co. of Dunn, N.C.

The latest deal will make Triangle the 10th-largest bank in North Carolina, with more than $557 million in assets.

Its earnings for the six months ended June 30 were up 84% from those of the 1993 half, mostly because of another merger.

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