January 24, 2020 — Select Bancorp, Inc. (NASDAQ:SLCT), has announced an agreement to acquire three banking centers in western North Carolina from Entegra Financial Corp.
Select Bank & Trust Company, a unit of Select Bancorp, Inc., will assume the deposits, and acquire the majority of the loans, property, equipment and other selected assets from Entegra Bank, a unit of Entegra Financial Corp.
William L. Hedgepeth, President and CEO of Select Bancorp, said, “This strategic acquisition fits nicely with our recent announcements of opening a full-service branch in Cornelius, North Carolina and the opening of loan production offices in Winston-Salem and Durham, North Carolina. As part of our strategic planning process and growth philosophy, we make an effort to seek out established locations with experienced employees. We look forward to serving these new communities. This is an exciting time for not only Select Bancorp, but for all of our shareholders, customers and communities, as a larger, well-established community bank.”
John Schramm, Managing Director, Financial Institutions Group, led the transaction for Janney.
More information is available here.
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