Select Bank Receives Regulatory Approval to Acquire the Virginia Beach Branch of City National Bank
13 Giugno 2019 - 7:55PM
Select Bancorp, Inc. (the “Company”
NASDAQ: SLCT),
the holding company for Select Bank & Trust Company, today
announced it has received the necessary regulatory approvals for
the acquisition of the City National Bank of West Virginia branch
in Virginia Beach, Virginia.
Terms of the previously announced Purchase and
Assumption Agreement provide for Select Bank to acquire the
equipment, and other selected assets associated with City National
Bank’s Hilltop branch located in Virginia Beach, Virginia. Select
Bank also agreed to assume the majority of deposits and is expected
to assume approximately $30 million in deposits. The sale is
expected to close in late 2nd quarter, 2019 with the conversion
occurring soon after and the branch opening as Select Bank &
Trust tentatively on July 1, 2019.
On the approval, William L. Hedgepeth, president
and CEO of Select Bancorp said, “It has been our goal for some time
to expand the markets we serve. As part of our strategic planning
process and growth philosophy, we make an effort to seek out prime
locations and hire, identify and retain outstanding employees. This
location expands our branch network into the state of Virginia, and
in particular in the growing Virginia Beach market. We look forward
to serving the people of the surrounding Hampton Roads area and our
exceptional team there is excited. This is a great time for Select
Bancorp, all of our shareholders, customers and communities, as a
larger well-established local bank.”
Steven Byrd, long time Virginia Beach resident
and banker, has been hired to manage the market, bringing 20 years
of banking experience in the Virginia Beach area. When asked what
he is most looking forward to, Byrd stated, “The Coastal Virginia
Market has experienced tremendous consolidation in the banking
industry. The market needs another banking option and Select Bank
brings that common sense approach to banking that Coastal Virginia
needs.”
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 19 offices in Burlington,
Charlotte, Clinton, Dunn, Elizabeth City, Fayetteville, Goldsboro,
Greenville, Holly Springs, 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 City
National Bank of West Virginia, 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
parties’ ability to consummate the transaction or satisfy the
conditions to the completion of the transaction, including 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.
William L. Hedgepeth, IIPresident and Chief
Executive Officer Office: 910-892-7080 BillH@SelectBank.com
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