Select Bancorp Announces Plans for Sale of Six Mile, South Carolina Location
05 Junho 2019 - 9:05AM
Select Bancorp, Inc. (the “Company”
NASDAQ: SLCT),
the holding company for Select Bank & Trust Company (the
“Bank”), announced today that the Bank has entered into a
definitive agreement to sell its Six Mile, South Carolina branch
located at 115 North Main Street, to Pickens Savings & Loan
Association, FA. Terms of the agreement provide for Pickens to
assume the majority of deposits and to acquire selected assets
associated with the branch, while Select retains the
loans.
“Making a decision like this is never an easy one, but we
believe it is the best decision for our customers, the community,
our team members and our shareholders,” said William L. Hedgepeth
II, president and Chief Executive Officer of the Company and the
Bank. “It is our belief that the community of Six Mile can be
better served by a local community bank. Pickens Savings & Loan
will be in a much better position to provide local decision making
and community outreach due to their proximity to Six Mile. We are
confident that the level of service to the customers and the
community of Six Mile is extremely important to Pickens Savings
& Loan.”
The transaction is expected to close in the fourth quarter of
2019 pending regulatory approvals. Customers will be receiving a
letter announcing the change with further communication coming as
the closing date nears.
“We will continue to work very hard to always provide the best
service to our customers in the most efficient and cost-effective
manner possible,” Hedgepeth said. “That’s what ‘common sense
banking’ is all about.”
About Select Bancorp, Inc.
Select Bancorp, Inc. is a bank holding company headquartered in
Dunn, North Carolina. The Company primarily conducts operations
through its wholly owned subsidiary, Select Bank & Trust
Company, a North Carolina-chartered commercial bank that provides a
full suite of banking services through its offices in North
Carolina and South Carolina. The Company’s common stock is listed
on the Nasdaq Global Market under the symbol “SLCT”. Select Bank
& Trust has 18 offices in Burlington, Charlotte, Clinton, Dunn,
Elizabeth City, Fayetteville, Goldsboro, Greenville, Leland,
Lillington, Lumberton, Morehead City, Raleigh, Washington, and
Wilmington N.C. and Blacksburg, Rock Hill, and Six Mile, S.C.
Select Bank & Trust serves these, and nearby communities
focusing on local businesses and consumers as a dedicated community
bank. The mission of Select Bank & Trust is to be the bank of
choice in the communities we serve, by providing exceptional
customer service, superior products and experienced bankers using a
“common sense” approach to banking. When customers choose to bank
with Select Bank & Trust, they receive quality financial
products at a fair and competitive price, along with
unparalleled friendly, courteous, and responsive service.
CAUTION ABOUT FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking information
about Select Bancorp, Inc. and its bank subsidiary that is intended
to be covered by the safe harbor for “forward-looking statements”
provided by the Private Securities Litigation Reform Act of 1995.
All statements other than statements of historical fact are
forward-looking statements. In some cases, you can identify
forward-looking statements by words such as “may,” “hope,” “will,”
“should,” “expect,” “plan,” “anticipate,” “intend,” “believe,”
“estimate,” “predict,” “potential,” “continue,” “could,” “future”
or the negative of those terms or other words of similar meaning.
These forward-looking statements include, without limitation,
statements relating to the terms and closing of the proposed
transaction between Select Bank & Trust and Pickens Savings
& Loan Association, FA, and the estimated impact of the branch
disposition on financial results. You should carefully read
forward-looking statements, including statements that contain these
words, because they discuss the future expectations or state other
“forward-looking” information about Select Bancorp, Inc. and its
subsidiary bank. A number of important factors could cause actual
results or events to differ materially from those indicated by such
forward-looking statements, many of which are beyond the parties’
control, including the parties’ ability to consummate the
transaction or satisfy the conditions to the completion of the
transaction, including the receipt of regulatory approvals required
for the transaction on the terms expected, on the anticipated
schedule, or at all; the possibility that any of the anticipated
benefits of the proposed transaction will not be realized or will
not be realized within the expected time period; the effect of the
announcement of the transaction on employee and customer
relationships at the branch and operating results; the possibility
that the transaction may be more expensive to complete than
anticipated, including as a result of unexpected factors or events;
and general competitive, economic, political and market conditions
and fluctuations. Additional information concerning factors that
could cause actual results to materially differ from those in the
forward-looking statements is contained in Select Bancorp, Inc.’s
SEC filings, including its periodic reports under the Securities
Exchange Act of 1934, as amended, copies of which are available
upon request. Select Bancorp, Inc. assumes no obligation to update
the information in this communication, except as otherwise required
by law. Readers are cautioned not to place undue reliance on these
forward-looking statements that speak only as of the date
hereof.
Mark JeffriesExecutive Vice President Chief Financial Officer
Office: 910-892-7080 and Direct:
910-897-3603markj@SelectBank.comSelectBank.com
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