Select Bancorp Announces Agreement to Purchase City National Branch in Virginia Beach, VA
Select Bancorp, Inc. (SLCT)
Last select bancorp, inc. earnings: 1/24 04:35 pm
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Source: GlobeNewswire
DUNN, N.C., Jan. 30, 2019 (GLOBE NEWSWIRE) -- Select Bancorp, Inc. (NASDAQ: SLCT), the holding company for Select Bank & Trust Company, announced today that Select Bank & Trust has entered into a definitive purchase and assumption agreement pursuant to which the bank has agreed to purchase one branch from City National Bank of West Virginia. Terms of the agreement provide for Select Bank & Trust to assume the majority of deposits and to acquire the equipment and other selected assets associated with City National Bank of West Virginia’s branch located at 621 Nevan Road, Virginia Beach, VA. Following closing of the proposed transaction, the existing branch office in Virginia Beach would operate as a branch of Select Bank & Trust. Upon the announcement, William L. Hedgepeth, president and CEO of Select Bancorp, said, “It is our goal to further expand the markets we serve and enter new markets. This branch will serve as an extension of our Elizabeth City, NC market and our team in
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