Exhibit 10.34

                         EXECUTIVE EMPLOYMENT AGREEMENT


     THIS EXECUTIVE  EMPLOYMENT  AGREEMENT (the "Agreement") is entered into and
made effective this 3rd day of November, between Thomas A. Betts, Jr. ("Betts"),
and Centura  Insurance  Services,  Inc.  ("CIS"),  a wholly-owned  subsidiary of
Centura Banks, Inc. ("Centura"), a North Carolina bank holding corporation.

     WHEREAS, Betts has been and is currently associated with Betts & Company, a
general  partnership  engaged in all facets of the  insurance  business with its
principal offices in Rocky Mount, North Carolina; and

     WHEREAS,   Centura   Banks,   Inc.  has  acquired   Betts  &  Company  (the
"Acquisition") and combined, or intends to combine,  Betts' insurance activities
with those of CIS; and

     WHEREAS,  CIS desires to provide for Betts'  continued  employment with CIS
following the Acquisition; and

     WHEREAS,  CIS desires to enter into this  Agreement with Betts to set forth
the terms of such employment; and

     WHEREAS, Betts agrees that the terms of this Agreement will allow him to be
employed with and to devote his best efforts to CIS.

     NOW,  THEREFORE,  in  consideration  of the mutual covenants and conditions
herein contained, the parties agree as follows:

     1. EMPLOYMENT.

     CIS shall  employ  Betts as an  insurance  agent of CIS,  with the  duties,
responsibilities and powers as assigned to him from time to time by the Board of
Directors of CIS and as customarily  associated with such position.  Betts shall
faithfully and diligently discharge his duties and  responsibilities  under this
Agreement.  Nothing  contained in this Section 1 or elsewhere in this Agreement,
however,  will prevent or otherwise prohibit Betts from engaging in and pursuing
personal affairs not  inconsistent  with his duties and  responsibilities  under
this Agreement or prevent or prohibit Betts from managing and otherwise  tending
to his personal investments, in each case so long as the same does not interfere
with the performance of his duties and responsibilities under this Agreement.

     2. TERM.

     The initial term of this Agreement  shall be five (5) years,  commencing on
the date hereof (the "Initial  Term").  Upon the expiration of the Initial Term,
this  Agreement may be renewed for  successive  periods of one (1) year upon the
mutual agreement of Betts and CIS (the "Renewal Terms").


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     3. COMPENSATION AND BENEFITS.

     (a) Base Salary.  During the Initial Term of this Agreement,  CIS shall pay
to Betts as compensation  for his services to CIS, a base salary of $240,000 per
year,  payable in equal  monthly  installments.  In the event this  Agreement is
renewed pursuant to Section 2 hereof, the base salary payable hereunder for each
Renewal Term may be increased  from time to time in the  discretion of the Board
of Directors of CIS, which Board,  in making such  adjustments,  shall consider,
among other pertinent factors, industry standards, similarly situated employees,
and the profitability of Centura "East" Insurance Group.

     (b)  Commissions.  In addition to the base salary,  for the Initial Term of
this Agreement, Betts shall be entitled to receive additional compensation equal
to:

          (i) thirty-five percent (35%) of the commissions earned by the Centura
     "East"  Insurance  Group on new  commercial and personal lines property and
     casualty, group life, and health insurance policies sold by Betts; and

          (ii) thirty  percent  (30%) of the  commissions  earned by the Centura
     "East"  Insurance Group on renewal policies for new commercial and personal
     lines property and casualty, group life, and health insurance sold by Betts
     after the date hereof.

     The additional compensation described in this Section 3(b) shall be subject
to change in the event this  Agreement  is  renewed by Betts and CIS;  provided,
however,  in no event will future  commissions  paid to Betts be less  favorable
than those paid  under the  standard  compensation  package  available  to other
similarly situated employees of CIS.

     (c) Separate Consideration.  In addition to the base salary and commissions
described  in this  Section 3, Betts  shall  receive the sum of  $5,000.00  upon
execution of this  Agreement,  as separate  consideration  for the covenants set
forth in Section 6 hereof.

     (d)  Other  Benefits.  The  above-stated  compensation  shall not be deemed
inclusive nor prevent Betts from  receiving any other  compensation  provided by
CIS, and he shall be entitled,  in any event (either  directly or through salary
adjustment),  to health and hospitalization insurance (including major medical),
long-term disability insurance, and life insurance, all in accordance (except as
otherwise expressly provided herein) with CIS's insurance plans for officers and
employees in  comparable  positions  as such plans may be modified  from time to
time.  For so long as Betts is an  employee  of CIS,  Betts shall be entitled to
participate in all current and future employee benefit plans and arrangements in
which employees of CIS in comparable positions are permitted to participate.

     4. TERMINATION.

     Betts' employment under this Agreement shall terminate:

     (a) Death. Upon the death of Betts.


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     (b)  Disability.  Upon notice from CIS to Betts in the event Betts  becomes
"permanently  disabled." For purposes of this  Agreement,  Betts shall be deemed
"permanently  disabled"  six (6) months  after the first date that he has become
disabled by bodily or mental illness,  disease, or injury, to the extent that he
is prevented from performing his material and substantial  duties of employment,
and such  disability  has  continued  uninterrupted  for six (6) months.  If the
parties  or  their   representatives   cannot  agree  as  to  whether  Betts  is
"permanently  disabled,"  as defined  herein,  they shall  choose a physician to
examine  Betts for the purpose of  determining  or  confirming  the existence or
extent of any disability.  If the parties or their representatives  cannot agree
on the  choice  of a  physician  to make  such  examination,  each  party or its
representative  shall select one physician to make such  examination and the two
physicians  selected shall select a third physician to make such examination and
the three examining  physicians  shall by majority vote determine or confirm the
existence or extent of any  disability.  Notwithstanding  the foregoing,  before
terminating  Betts in the event of his  permanent  disability,  CIS shall  offer
Betts reasonable  accommodation pursuant to the Americans with Disabilities Act,
in which case  Betts'  duties and  compensation  hereunder  may be  adjusted  in
accordance with such accommodation.  Betts shall have the right to decline CIS's
offer of accommodation and, in such case, Betts' employment under this Agreement
shall terminate as provided herein.

     (c) Cause.  Upon notice from CIS to Betts for cause.  For  purposes of this
Agreement,  "cause" shall be defined as (i) a willful and  continued  failure by
Betts to perform his duties in the capacities indicated above (other than due to
disability);  or (ii) a  material  breach  by Betts of his  fiduciary  duties of
loyalty or care to CIS or Centura,  as  established by the Board of Directors of
Centura (other than due to disability); or (iii) a willful violation by Betts of
any  material  provision  of this  Agreement;  or (iv) a  conviction  of, or the
entering  of a plea of nolo  contendere  by Betts  for any  felony  or any crime
involving  fraud or  dishonesty;  or (v) a  willful  violation  of any  material
federal or state laws or regulations  applicable to CIS or Centura. In addition,
if Betts shall terminate his employment for a breach of this Agreement by CIS in
accordance  with Section 4(d) hereof,  and it is ultimately  determined  that no
reasonable  basis  existed  for Betts'  termination  on  account of the  alleged
default of CIS, such event shall be deemed cause for termination by CIS.

     Any notice of termination of Betts' employment with CIS for cause shall set
forth in reasonable  detail the facts and  circumstances  claimed to provide the
basis for termination of his employment  under the provisions  contained  herein
and the date of termination (the  "Termination  Date").  If the cause alleged by
CIS  shall be (i),  (ii),  or (iii) set forth  above,  Betts  shall be given the
opportunity  to cure the breach within a reasonable  period of time upon receipt
of notice but in no event to exceed thirty (30) days,  unless such breach is not
reasonably susceptible to being corrected within thirty (30) days, in which case
Betts shall have the  opportunity  to cure such breach,  provided that Betts has
commenced  corrective  action within such thirty (30) day period and  diligently
pursues such action to completion.

     (d) Breach.  Upon notice from Betts to CIS of CIS's  failure to comply with
any material  provision of this  Agreement,  provided that CIS shall have thirty
(30)  days  from the  receipt  of such  notice to cure any  default  under  this
Agreement.  If such  default  shall be cured or if CIS shall have taken steps to
cure the default within the thirty (30) day period and  diligently  pursues such
action to  completion,  Betts shall have no right to  terminate  his  employment
under the provisions of this Section 4(d).

     (e)  Expiration  of Term.  Upon the  expiration of the Initial Term of this
Agreement, if not renewed by the parties as set forth in Section 2 hereof.


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     5. COMPENSATION AND BENEFITS PAYABLE UPON TERMINATION.

     (a) Upon Betts'  death  during the Initial Term or any Renewal Term of this
Agreement, CIS shall provide such death or insurance benefits as are provided in
accordance with the regular policy of CIS to similarly  positioned employees and
pursuant to the terms of any benefit  plans or  arrangements  maintained  by CIS
which provide such benefits.

     (b) In the event Betts  becomes  permanently  disabled and is terminated as
set forth in  Section  4(b)  hereof,  CIS  shall  pay to Betts or his  estate or
beneficiaries  for the balance of the then current term of this  Agreement,  the
then  existing  base  salary set forth in Section 3 hereof,  provided  that such
payment shall be offset by any amounts received by Betts (i) under any long term
disability  plan  maintained  for the  employees  of CIS,  (ii)  from any  other
collateral source payable due to disability to the extent that such payments are
derived  from  insurance or direct  payments  furnished by CIS, and (iii) social
security benefits.  Betts agrees to use reasonable efforts to obtain the benefit
of any disability  plan or policy  covering him as a result of his employment by
CIS in the circumstances contemplated by Section 4(b) and this Section 5(b).

     (c) If Betts'  employment  shall be terminated by Betts pursuant to Section
4(d)  hereof,  CIS shall  continue  to pay to Betts or his  estate his full base
salary  in  effect  at the  Termination  Date and all  applicable  benefits  due
hereunder  (provided  that the terms of any employee  benefit  plan  pursuant to
which such benefits are provided permit  participation  by similarly  positioned
former employees of CIS, as applicable) for the balance of the then current term
of this  Agreement,  provided  that such  payments  shall not be made  after the
expiration of the then current term of this Agreement; and provided further that
such  payments  shall be offset by any amounts paid to Betts under any severance
or salary continuation policy or plan of CIS applicable to Betts.

     (d) In the event  termination  is for cause as  described  in Section  4(c)
hereof or is due to the  expiration  of the Initial  Term or any Renewal Term of
this Agreement,  CIS shall pay Betts the compensation and benefits  described in
Section 3 hereof  through  the  Termination  Date and no other  compensation  or
benefits  shall be paid to Betts  hereunder;  provided,  however,  that  nothing
herein shall be deemed to terminate or limit the Betts'  vested rights under any
other benefit,  retirement,  or pension plan of CIS applicable to Betts, and the
terms of those plans, programs, or arrangements shall govern.

         6.       CONFIDENTIALITY AND COVENANT NOT TO COMPETE.

     (a) Covenants.  Betts hereby acknowledges that, by virtue of his employment
by CIS, Betts will be in possession of and gain certain  valuable  knowledge and
develop certain expertise with respect to the business of insurance,  generally,
and  the  business  of  CIS  and  Centura,   specifically,   including   certain
confidential  information  and  trade  secrets  relating  to such  business  and
information  relating to certain  customers and  potential  customers of CIS and
Centura.  In connection with, and in view of the foregoing,  Betts hereby agrees
that, during the term of his employment pursuant to this Agreement:

          (i) he will not, directly or indirectly,  engage in, or participate in
     the promotion,  financing, ownership or management of, or otherwise provide
     services to, any firm,  corporation,  or business  (whether as an employee,
     officer,  director,  agent, owner,  partner,  shareholder,  consultant,  or
     otherwise),  the  purpose  or result of which,  in whole or in part,  is to
     assist


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     such firm,  corporation,  or business in the buying or selling of insurance
     in  competition  with CIS or Centura within 100 miles of any office of CIS,
     Centura or Centura Bank, a  wholly-owned  subsidiary of Centura,  including
     the principal office of any of them;

          (ii) he will not,  directly or indirectly in  competition  with CIS or
     Centura,  call upon,  solicit,  sell to,  attempt to sell to, or  otherwise
     engage in or  attempt  to  engage in the  business  of buying  and  selling
     insurance  with,  any  firm,  corporation,  person  or  business  that is a
     customer of CIS,  Centura or Centura Bank at the time of such activity,  or
     was a customer of CIS,  Centura or Centura Bank at any time during the term
     of his employment pursuant to this Agreement;

          (iii) he will hold in a fiduciary  capacity for the benefit of CIS and
     Centura,  and will not directly or  indirectly  use or disclose,  except as
     required  in Betts'  judgment in  connection  with the  performance  of his
     duties,  as required by law or judicial  or  regulatory  proceedings  or as
     authorized by CIS or Centura, any "Company  Information" (as defined below)
     that Betts may have or acquire  (whether  or not  developed  or compiled by
     Betts) during the Initial Term and any Renewal Term of this Agreement.  The
     term  "Company   Information"   as  used  in  this  Agreement   shall  mean
     confidential or proprietary information,  including technical and financial
     information and customer or client lists, relating to CIS or Centura or its
     programs or procedures, including without limitation,  information received
     by CIS or Centura from third parties  under  confidential  conditions.  The
     term  "Company   Information"  shall  also  include,   without  limitation,
     Centura's  computer  data-base,  forms and form  letters,  form  contracts,
     information  regarding  specific  transactions,  financial  information and
     estimates and long-term planning and goals. The term "Company  Information"
     shall not include  information that has become  generally  available to the
     public by the act of one who has the  right to  disclose  such  information
     without violating any right of CIS or Centura; and

          (iv) he will hold in a fiduciary  capacity  for the benefit of CIS and
     Centura and will not  directly or  indirectly  use or  disclose,  except as
     required  in Betts'  judgment in  connection  with the  performance  of his
     duties,  as required by law or judicial  or  regulatory  proceedings  or as
     authorized by CIS or Centura, any "Customer Information" (as defined below)
     that Betts may have or acquire  (whether  or not  developed  or compiled by
     Betts and whether or not Betts has been  authorized  to have access to such
     Customer  Information) during the Initial Term and any Renewal Term of this
     Agreement.  The term "Customer Information" as used in this Agreement shall
     mean  confidential  or  proprietary  information,  including  technical and
     financial  information and customer lists received by CIS, Centura or Betts
     from any  customer  or  potential  customer  of CIS or  Centura,  and shall
     include any  information  subject to the provisions of the federal Right to
     Financial  Privacy Act. The term "Customer  Information"  shall not include
     information that has become generally available to the public by the act of
     one who has the right to disclose such  information  without  violating any
     right of the customer to which such information pertains.

     (b) Post Termination Covenants.  Betts hereby agrees to honor the covenants
expressed  in  Section  6(a)  hereof  for a period of three (3) years  following
termination  of this  Agreement  in the event such  termination  is for  "cause"
pursuant  to Section  4(c)  hereof,  or in the event CIS fails to offer to renew
this  Agreement  or Betts  elects  not to renew  this  Agreement  following  the
expiration of the Initial Term and any Renewal Term hereof, unless such election
results  from an offer by CIS to renew this  Agreement  on terms and  conditions
that are not  substantially  the same as, or at least  equal or  comparable  to,
those contained in this Agreement, including salary, benefits, and duties.


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     (c) Betts  agrees and  acknowledges  that,  if a violation  of any covenant
contained  in  this  Section  6  occurs  or is  threatened,  such  violation  or
threatened violation will cause irreparable injury to CIS and Centura,  that the
remedy at law for any such violation or threatened  violation will be inadequate
and that CIS and Centura shall be entitled to appropriate equitable relief.

     (d) The covenants contained in this Section 6 shall inure to the benefit of
CIS and Centura, any successor or subsidiary of either of them.

     (e) The  restrictions  contained  in this Section 6 are  considered  by the
parties hereto to be fair and reasonable and necessary for the protection of the
legitimate business interests of CIS and Centura.

     (f) In the event of a termination  of this  Agreement by Betts  pursuant to
Section  4(d)  hereof,  the  restrictions  contained  in this Section 6 shall no
longer apply to Betts from and after the Termination Date.

     (g) In the  event  CIS  fails to offer to renew  this  Agreement  after the
Initial Term or any Renewal Term, the  restrictions  contained in this Section 6
shall no longer apply to Betts.

     7. SUCCESSORS; BINDING AGREEMENT.

     (a) This Agreement  shall be binding upon any successor  (whether direct or
indirect,   by  purchase,   merger,   consolidation  or  otherwise)  to  all  or
substantially  all of the business and/or assets of CIS or Centura,  and CIS and
Centura  shall  require  any such  successor  to  expressly  assume and agree to
perform this Agreement. As used in this Agreement,  "Centura" shall mean Centura
as  hereinbefore  defined and any  successor  to its business  and/or  assets as
aforesaid.

     (b) This  Agreement  shall  inure to the benefit of and be  enforceable  by
Betts' personal or legal representatives, executors, administrators, successors,
heirs, distributees, devisees and legatees. If Betts should die while any amount
would still be payable  hereunder,  all such amounts,  unless otherwise provided
herein,  shall be paid in accordance  with the terms of this Agreement to Betts'
estate.

     8. MONETARY DAMAGES.

     Notwithstanding  any  provision of this  Agreement to the  contrary,  Betts
shall not be liable to CIS for  monetary  damages in the event of a violation or
breach of any of the  provisions or covenants of this  Agreement,  except to the
extent  that any such  violation  or  breach  is of the  covenants  set forth in
Section 6 hereof.

     9. MISCELLANEOUS.

     (a) All notices  required or permitted  hereunder shall be given in writing
by actual  delivery or by registered or certified mail (postage  prepaid) at the
following addresses or at such other places as shall be designated in writing:

               Betts:                    Thomas A. Betts, Jr.
                                         1516 Lafayette Avenue
                                         Rocky Mount, North Carolina 27804


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               CIS:                      Centura Insurance Services, Inc.
                                         Post Office Box 1220
                                         134 North Church Street
                                         Rocky Mount, North Carolina 27804
                                         Attention: Reid Rhodes

               With a copy to:           Centura Banks, Inc.
                                         Post Office Box 1220
                                         134 North Church Street
                                         Rocky Mount, North Carolina 27804
                                         Attention: H. Kel Landis, III

     (b)  References in this  Agreement to "similarly  positioned" or "similarly
situated"  employees  shall mean those  employees of CIS of comparable  rank and
level  of  responsibility   and  with  comparable   duties.   The  existence  or
non-existence of a contract of employment with CIS shall not be relevant for the
purpose of identifying those employees (or, if appropriate, former employees) of
CIS who are "similarly positioned" or "similarly situated."

     (c) If any  provision of this  Agreement  shall be determined to be void by
any court of competent  jurisdiction,  then such determination  shall not affect
any other provision of this  Agreement,  all of which shall remain in full force
and effect.

     (d) The  failure of the  parties to  complain of any act or omission on the
part of either  party,  no matter how long the same may  continue,  shall not be
deemed to be a waiver of any of its rights hereunder.

     (e) This  Agreement  contains the entire  agreement  of the  parties.  This
Agreement may be executed  simultaneously in two or more  counterparts,  each of
which shall be deemed an original, but all of which shall constitute one and the
same instrument. It may be changed or terminated only by a writing signed by the
party against whom enforcement of any waiver, change,  modification,  extension,
discharge or termination is sought.

     (f) This Agreement  shall be construed and enforced in accordance  with the
laws of the  state  of North  Carolina,  except  as  preempted  by the  Employee
Retirement Income Security Act of 1974, as amended.

     IN  WITNESS  WHEREOF,  Betts has  executed  this  Agreement  under  seal by
adopting  the word "SEAL"  beside his name and CIS has executed  this  Agreement
under seal  through  its duly  authorized  officers as of the day and year first
above written.



                                           /s/ Thomas A. Betts, Jr.  (SEAL)
                                               Thomas A. Betts, Jr.


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                                           CENTURA INSURANCE SERVICES, INC.



                                           By: /s/ Reid J. Rhodes
                                                   Reid J. Rhodes
                                           Title:  President

ATTEST:


 /s/ Joseph A. Smith, Jr.
     Joseph A. Smith, Jr.
          Secretary

(Corporate Seal)


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