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On July 28, 1999, Premier Bancshares (NYSE: PMB) announced that it would merge with BB&T Corporation by a tax-free exchange of stock. The definitive merger agreement fixes the exchange ratio at .5155 BB&T share for each Premier share. When the merger is completed early in the first quarter of 2000, BB&T will have the sixth largest share of deposits in metropolitan Atlanta and the eighth largest bank operating in the State of Georgia.

After the close yesterday Premier Bancshares, announced earnings of $3,171,000 or $.11 per share for the quarter ended September 30, 1999. This compares to $5,352,000 or $.19 for the same quarter in 1998. Third quarter earnings, excluding merger expenses, were $4,301,000 or $.15 per share; during the same quarter 1998, earnings, excluding merger expenses, were $6,887,000 or $.25 per share. The decline in earnings is primarily due to a decline in its mortgage banking subsidiary income; mortgage lending volume has declined substantially since interest rates began rising during the past six months.

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