Select Bank Receives Regulatory Approval to Acquire the Virginia Beach Branch of City National Bank
Select Bancorp, Inc. (SLCT)
Last select bancorp, inc. earnings: 1/24 04:35 pm
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Source: GlobeNewswire
DUNN, N.C., June 13, 2019 (GLOBE NEWSWIRE) -- 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 se
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