Select Bank & Trust Company Completes Acquisition of Three Western North Carolina Branches from Entegra Bank, a Division of ...
17 Abril 2020 - 5:05PM
Select Bancorp, Inc. (NASDAQ: SLCT), the holding company for Select
Bank & Trust Company, announced today that Select Bank &
Trust has finalized the purchase of three branches in western North
Carolina from Entegra Bank, a Division of First Citizens Bank.
Select Bank & Trust has assumed the deposits, and majority of
the loans, property, equipment and other selected assets associated
with the Entegra Bank branches located at 30 Hyatt Road, Franklin,
NC, 498 East Main Street, Sylva, NC, and 473 Carolina Way,
Highlands, NC.
The three locations will close at 2:00 PM on
Friday April 17, 2020 and are scheduled to re-open as branches of
Select Bank & Trust on Monday April 20, 2020. Given the
public health and safety concerns related to spread of the novel
Coronavirus, the branch lobbies will remain closed; however, the
branches will continue to operate for customers through the
Drive-Thru (Monday through Thursday, 8:30 AM – 5:00 PM and Friday,
8:30 AM – 6:00 PM), by appointment and telephone, ATM and Digital
Banking until further notice.
William L. Hedgepeth, President and CEO of
Select Bancorp, said of the acquisition, “Our goal for some time
has been to further expand the markets we serve and enter new
markets. These branches will serve as an expansion of our footprint
into western North Carolina. We are deploying our capital in a
deliberate and efficient manner. This strategic acquisition fits
nicely with our recent opening of a full-service branch in
Cornelius, North Carolina (Charlotte area) and the opening of loan
production offices in Winston-Salem and Durham, North
Carolina.” He went on to explain, “Finding established
locations with experienced employees in communities like these fit
into our strategic plan perfectly and we are looking forward to
serving these new customers. It is a tough time in our nation and
world right now and we hope to continue to be a source of
assistance and education for our customers, footprint wide. We are
extremely proud of our employees and our newest employees for
making this transition during this difficult time in our
communities. We ask our new customers to be patient with us as we
work through this transition with somewhat limited resources due to
the novel Coronavirus pandemic. It is a testament to the hard work
and dedication of our team that we are able to finalize the
purchase of these three branches at this point in time.”
The three North Carolina branches are located in
western North Carolina southwest of Asheville. Select Bank &
Trust was advised by Janney Montgomery Scott, LLC as financial
advisor and Wyrick Robbins Yates & Ponton LLP as legal
counsel.
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, South
Carolina and Virginia. The Company’s common stock is listed on the
Nasdaq Global Market under the symbol “SLCT”. Select Bank &
Trust Company has 19 offices in Burlington, Charlotte, Clinton,
Cornelius, Dunn, Elizabeth City, Fayetteville, Goldsboro,
Greenville, Holly Springs, Leland, Lillington, Lumberton, Morehead
City, Raleigh, and Wilmington, NC, Blacksburg and Rock Hill, SC,
and Virginia Beach, VA, and loan production offices in Durham,
Wilson and Winston-Salem, NC. Select Bank & Trust Company
serves these and nearby communities focusing on local businesses
and consumers as a dedicated community bank. The mission of Select
Bank & Trust Company 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 Company, they receive quality financial products at a
fair and competitive price, along with unparalleled friendly,
courteous, and responsive service. More information can be obtained
by visiting our web site at www.SelectBank.com.
Caution About Forward-Looking
StatementsThis 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 estimated impact of the
branch acquisition on financial results, acceptance by existing
branch customers of Select Bank & Trust’s products and
services, and the opportunities to enhance market share in certain
markets. 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 possibility that any of the anticipated benefits of
the transaction will not be realized or will not be realized within
the expected time period; the effect of the transaction on employee
and customer relationships at the branch and operating results; the
possibility that the transaction may be more expensive than
anticipated, including as a result of unexpected factors or events;
and general competitive, economic, political and market conditions
and fluctuations, including as a result of the ongoing public
health emergency caused by the novel coronavirus. 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.
For more information, contact:Mark A.
JeffriesExecutive Vice President Chief Financial
Officer
(910) 892-7080markj@selectbank.com
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