Select Bank & Trust (SB&T), a subsidiary of Select Bancorp, has completed the acquisition of three branches of Entegra Bank, a division of First Citizens Bank, in western North Carolina.
The financial details of the transaction have not been made public.
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Under the deal terms, SB&T has assumed the deposits, loans, property, equipment and other selected assets associated with the Entegra Bank branches.
The branches are scheduled to close on 17 April 2020 and re-open on 20 April 2020 under the name of SB&T.
Select Bancorp president and CEO William Hedgepeth said: “These branches will serve as an expansion of our footprint into western North Carolina.
“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.
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By GlobalDataIn the wake of the on-going coronavirus (Covid-19) outbreak, the branch lobbies will remain shut and the branches will continue to operate via drive-thru.
The branches will remain to operate from Monday to Thursday between 8:30 am and 5 pm.
On Fridays, the branch will operate between 8:30 am and 6 pm. However, for branch visits, customers will need to take prior appointment.
The bank has urged its customers to use the telephone, ATM and digital banking means for their banking needs.
Hedgepeth added: “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.”
