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Raleigh, N.C.-Based First Citizens Bank Plans to Buy Private Avery County Bank.

Knight Ridder/Tribune Business News

| May 29, 2003 | COPYRIGHT 1999 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

By Richard Craver, Winston-Salem Journal, N.C. Knight Ridder/Tribune Business News

May 29--Avery County Bank will change hands for the first time in its 90-year history if a purchase plan announced yesterday by First Citizens Bank goes through.

First Citizens, based in Raleigh, said it expects its proposed acquisition of Avery County's largest bank to be completed in the third quarter pending regulatory approval.

The banks declined to disclose the price or how the deal will be financed.

Avery County Bank, based in Newland, has $72 million in assets and owns the biggest market share in the county at 32 percent, according to the Federal…

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