OLD STONE <OSTN> COMPLETES ACQUISITION
Old Stone Corp said it
completed the previously announced acquisition of First Federal
Savings Bank of North Carolina, a Shelby, N.C., savings bank,
for common stock.
    The final purchase price, expected to be between seven mln
and 7.5 mln dlrs, will be based on an exchange of common stock
valued at 1.5 times the book value of First Federal as of the
March 31 closing date, the company said.
    At February  28, First Federal had 129 mln dlrs in assets
and 120 mln dlrs in deposits. Old Stone is a Rhode Island-based
financial services company with assets of 3.9 billion dlrs.
 Reuter
