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Bank of Granite, Carol
Bank of Granite Corporation and Carolina State
Bank have jointly announced the signing of a let-
ter of intent pursuant to which Carolina State
Bank would become a subsidiary of Bank of
Granite Corporation.
The boards of directors of both firms have ap-
» proved the letter of intent. The transaction is sub-
ject to the execution of a definitive agreement,
regulatory approval, and approval by sharehold-
ers of Carolina State Bank.
Following completion of the merger, Carolina
State will continue, for the time being, to operate
under its name. The transaction is expected to
close in the fourth quarter of 1996.
Carolina State Bank, headquartered in Shelby,
will add four full service banking offices in
Shelby, Kings Mountain, Forest City, and Boiling
Springs to Bank of Granite's 11 offices in
Caldwell, Catawba, and Burke Counties. At June
30, 1996, Carolina State Bank had approximately
THE KINGS MOUNTAIN HERALD
$125 million in assets and $106 million in de-
posits. Carolina State earned 1.08% on assets and
11.10% on equity for the quarter ended June 30,
1996. Assets of the combined institutions, as of
June 30, 1996, totaled $605 million and deposits
$498 million. -
Carolina State shareholders will receive 1.11
shares of the common stock of Bank of Granite
Corporation for each share of Carolina State com-
mon stock, subject to possible adjustments to re-
flect changes in the market price of Bank of
Granite Corporation shares. Based on Bank of
Granite Corporation's closing stock price of
$24.50 as of Wednesday, July 24, the total transac-
tion is valued at approximately $31.1 million (in-
cluding outstanding options to purchase Carolina
State shares, which will become options to ac-
quire Bank of Granite Corporation shares) or ap-
proximately $27.75 per share for each share of
Carolina State Bank. The proposed transaction is
structured to qualify as a tax-free reorganization
and is anticipated to be accounted for as a pool-
ing of interests. The letter of intent provides that
Carolina State Bank will grant Bank of Granite
Corporation the option to purchase 19.9% of its
outstanding common stock under certain circum-
stances, in the event the proposed transaction is
not completed.
‘The announcement was made jointly by John
A. Forlines Jr., Chairman of Chief Executive
. Officer, and Charles M. Snipes, President of Bank
of Granite Corporation and Charles F. Harry III,
Chairman, and John J. Godbold Jr., President and
Chief Executive Officer, of Carolina State Bank.
This will be the first acquisition in Bank of
Granite's 90-year history, according to Forlines
who, along with Snipes, expressed pleasure at af-
filiating with one of the "best community banks
in North Carolina."
August 1, 1996 ¢+-
ina State Bank agree to merge
"We have watched the progress of Carolina
State Bank since it was established in 1991 and
have been impressed with their growth and with
their outstanding management team," Forlines
and Snipes said.
Both Charles Harry and John Godbold said
they were pleased to enter into a partnership with
Bank of Granite because both banks share the
same philosophy "of providing superb personal
financial service to consumers and small busi-
nesses, and of providing solid returns for their
shareholders."
Bank of Granite is one of North Carolina's
largest community banks and has earned the dis-
tinction of being one of the most profitable banks
in the country. The four executives said the merg-
er would be good for shareholders of both banks,
for employees, and for the communities served
by both banks.
form poorly. Mutual fugils
Eaton to celebrate 20 years in Kings Mountain
The 600 employees of Eaton
Corporation and their families
will celebrate 20 years in Kings
Mountain at a big 20th anniver-
sary family celebration
Saturday, August 10 from 11
a.m.-2 p.m.
Speakers for the event are
Plant Manager Jim Rennirt,
General Manager of the
Transmission Division George
Investment Tips
Detloff and Steve Nye, Director
of the Economic Development
Commission of Cleveland
County.
Families of Eaton employees
will enjoy pony rides, a moon
bounce, spin art, miniature golf,
bingo, balloon darts and other
fun activities from 11 a.m. until
1 p.m. and plenty of food will
be available from 11 a.m.-2 p.m.
including hamburgers, hotdogs,
chicken and barbecue with all
the trimmings.
The anniversary committee
will host a tour of the produc-
tion facility where the world
class Fuller transmissions are
manufactured in a facility
which covers 300,000 square
feet supporting 21 production
area processes.
Employees who have been
with Eaton Corporation since
the plant's beginning on Grover
Road are Mike Hawkins, James
Humphries, Earl Maddox,
Virginia Reid, Eric Yates, Lorene
Stevenson, Joel Whisnant, Lynn
Lybrand, Edward Yates, Mack
Stewart, Gene Christenberry,
Leslie Bright, Dean Capps,
Doug Cash, Jean Cline, James
Business Briefs
Fuller, Ivars Liliensteins, Jim
Rennirt, Randy Broome, Beth
Dickson, James Hinson, Pat
Hinson, Jackie Hopper, Harold
Ledford, Ronnie Jenkins, Linda
Montgomery, Ellen Wright,
Doug Accor, Dot Childers,
Charles Greene, Vickie Powell,
Howard Shipp, Kevin Smith,
Gary Byers, Dennis Ronay,
Becky Shockely, Dean Butler,
Charles Accor, Eddie Bolin, Jay
Bridges, Brenda Grindle, Bill
Ledbetter, Larry Logan, Helen
Sisk, Carolyn Stone, John Van
Dyke, Gloria Doster, Jackie
Peeler, Steve Grigg, Floyd
Queen, Doug Shuffler, Ken
Timson and Jerry Regan.
"Life's A Beach" is the theme
of the celebration.
Don’t lose sight of long-term investments
By BILL MARCELLINO
Investing in the stock market
requires a great deal of disci-
pline. It's easy to lose sight of
long-term objectives when the
price of a stock is soaring, and
even the most level-headed in-
vestor can become anxious
when investors all around are
taking profits.
Following are eight timeless
rules for those who choose to
invest in the stock market.
These rules will help you focus
on your original investment ob-
jectives and make decisions
based on the long-term outlook
rather than current market con-
ditions. ;
1 - Don't put all your eggs in
one basket. When you invest in
a number of stocks, you protect
yourself should one stggl
an excellent way to diversity
your equity dollars; they offer
the benefits of professional
management, and even a small
investment can be diversified
among several stocks.
2 - Base your investment
choices on facts rather than tips
or well-meant advice. Investing
and speculating are not the
same; high reward usually in-
volves high risk. br
3 - If the stock is attractive,
eighths and quarters ‘on the
price don't matter. i
4 - Try to understand: what
the market is "saying" aigtock is
worth rather than attempting to
"tell" the market what it is
worth. One investor ¢annot
force his or her opinion of a
stock on an entire market of in-
vestors. 5
CCB to list on
CCB Financial Corparation
announced today that it has ap-
plied to list its $5 par: value
common stock on the NewYork
Stock Exchange. CCB's corimon
stock is currently traded on the
Nasdaq National Market.
E.C. Roessler, President and
CEO of CCB Financial
Corporation, commented: "Due
to our rapid growth over the
past several years and market
capitalization in excess of $750
King
5 - It is time in the market,
not timing the market, that cre-
ates wealth. There is more risk
of failing to meet your financial
goals by being out of the market
than by being in the market.
6 - Don't cut your flowers and
water your weeds. Don't sell a
stock simply to take a profit,
and don't keep a stock simple
because it was once attractive. If
the investment no longer meets
your investment goals, cut your
losses and move on.
7 - Don't be panicked by
news flashes or rumors.
Instead, consider the informa-
tion impartially, and base your
decision on fact rather than
emotion. They say investing is
like riding a roller coaster. Jump
off in the middle of the ride,
«and you're bound to gilidiirt.
8. Don't lossie wil
Qin OTL ETC i ARR oo or
Y | you invested in a stock in the
first place. You're in the market
to protect and, if possible, to in-
crease your capital, not to prove
how well you can pinpoint mar-
ket highs and lows. ;
Many of us have heard these
rules before, but it's easy to base
investment decisions on emo-
tion rather than fact when the
market is volatile. If you have
concerns about your stocks,
contact your investment repre-
sentative. He or she is there to
answer questions. Together, you
can determine whether those
investments still have a place in
your portfolio and what action,
if any, is needed.
(Bill Marcellino is Investment
Representative for Edward Jones
in Kings Mountain).
New York Stock Exchange
million, we felt that it was in
the best interest or our share-
holders to list on the New York
Stock Exchange. We believe that
an auction market will provide
tighter spreads and better lig-
uidity for our stock."
It is anticipated that CCB's
common stock will begin trad-
ing on the New York Stock
Exchange in mid-August under
the ticker symbol "CCB."
E Invites You To A
i Mountain
m1 11
Court denies
restraining order
A temporary restraining order
lodged against United
Dominion Industries by
Commercial Intertech was de-
nied Thursday in the U. S.
District Court for the Southern
District of Ohio.
"Thursday's court action is a
clear victory for Commercial
Intertech's . shareholders,"
William R. Holland, United
Dominions chairman and chief
executive officer," said.
"We are delighted the way
has been cleared for
Commercial's shareholders to
receive information about our
proposal of $30 per share cash
tender offer for all of the out-
standing common shares of
2 Commercial Intertech’; he said.
nercial Intertech oper-
ates a plant on Canterbury
Road in Kings Mountain.
First Citizens
declares dividend
The board of directors of First
Citizens BancShares, Inc. has
declared a quarterly dividend
of 22.5 cents per share on its
outstanding common stock,
Class A and Class B, payable
October 7 to shareholders of
record September 16.
First Citizens' stock is traded
over the counter, and Class A is
quoted on the Nasdaq National
Market System under the sym-
bol FCNCA.
KINGS PLUSH
From Page 9-A
1994 to keep the plant running
when the former owner died in
an airplane crash. In 1994 the
company remerged with Kings
Plush with King, Hovis and
Brown and the three surviving
daughters, Kelli Walsh Hovis,
Lisa Walsh Gibbons and Christy
Walsh as stockholders.
King says there is plenty of
room for expansion and he's op-
timistic that the plant will con-
tinue to be a productive Kings
Mountain industry and busi-
ness citizen.
que fla
KM residents apply
for CPA license
The North Carolina State
Board of Certified Public
Accountant Examiners recently
approved 84 new applicants for
licensure as certified public ac-
countants.
They included Katherine Lee
Hagans and LuEllen Poole
Richard of Kings Mountain.
CPAs licensed in North
Carolina are required to renew
their certificates annually as
well as to complete 40 hours of
continuing professional educa-
tion as part of this renewal pro-
cess.
Applications for licensure are
available from the Licensing
Coordinator, NC State Board of
CPA Examiners, P.O. Box 12827,
Raleigh, NC 27605-2827.
aK an
Phoneteller 24
BB&T this week introduced
an improved PhoneTeller 24
system that gives customers
more telephone baking options.
The enhanced system is the
bank's prelude to an around-
the-clock call center to be
staffed by live operators, sched-
uled to debut late this year.
"We've improved the menu
structure so that all account in-
formation is now linked to the
client's Social Security number
and personal identification
number," said Tom McFarland,
senior vice president and head
of BB&T's Alternative Delivery
Systems Department.
More account information is
also available through the new
PhoneTeller 24, and not it's easi- -
er to gain access.
Here's how:
- Certificate of deposit and in-
dividual retirement account in-
formation are in separate
menus now. Both options pro-
vide current balance, current in-
terest rate, maturity /renewal
date and year-to-date interest.
-Direct deposit/ withdrawal
information is now available so
Denim
Shorts
Boys & Girls
Sizes 2-16
510°
T-Shirts
customers can confirm when
transactions will post to their
accounts.
-Customers can find out more
about their loans now including
outstanding balance, last pay-
ment date and amount, interest
rate, next payment date and
amount, payoff amount, daily
interest and interest paid on
loans.
Customers can use
PhoneTeller 24 to apply for the
following types of loans by late
September or early August:
mortgage, credit card, unse-
cured, auto and home equity
line of credit.
It's now easier to use
PhoneTeller 24 because cus-
tomers no longer need to punch
in their 16-digit automated
teller machine card account
number. All they need is their
Social Security number and se-
curity code along with a touch-
tone phone. Customers who
don't have security codes may
obtain them through
PhoneTeller 24.
In late 1996, customers will
be able to access the BB&T call
center through PhoneTeller 24.
"It'll be the key entry point in-
to the call center," McFarland
said.
Dr. James R. Mason
i
pilin
and Dr.J. Spon
Proudly Announce Their Association with
Doctors VisionCenter
Highest Quality Primary
Vision Care & Services
24 hour emergency care
Walk in eye examinations
Complete contact lens care
Complete eyeglasses services
40 offices across North Carolina
Two locations to serve you:
Kings Mountain
Gastonia’
410 W. King Street 3044 E. Franklin Blvd.
739-8028
864-7878
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