Select Bank & Trust completes acquisition of three WNC branches from Entegra

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Select Bank & Trust has now assumed ownership of the Entegra Bank branch near the old Walmart shopping center at 30 Hyatt Road, Franklin. Photo by Vickie Carpenter

Select Bancorp, Inc., the holding company for Select Bank & Trust Company, announced today that Select Bank & Trust has finalized the purchase of three branches in western North Carolina from Entegra Bank, a Division of First Citizens Bank. Select Bank & Trust has assumed the deposits, and majority of the loans, property, equipment and other selected assets associated with the Entegra Bank branches located at 30 Hyatt Road, Franklin; 498 East Main Street, Sylva; and 473 Carolina Way, Highlands.

The three locations were closed on Friday April 17, and re-opened as branches of Select Bank & Trust on Monday April 20.  Given the public health and safety concerns related to spread of the novel Coronavirus, the branch lobbies will remain closed; however, the branches will continue to operate for customers through the Drive-Thru (Monday through Thursday, 8:30 a.m. to 5 p.m., and Friday, 8:30 a.m. to 6 p.m., by appointment and telephone, ATM and Digital Banking until further notice.

William L. Hedgepeth, president and CEO of Select Bancorp, said of the acquisition,, “Our goal for some time has been to further expand the markets we serve and enter new markets. These branches will serve as an expansion of our footprint into western North Carolina. We are deploying our capital in a deliberate and efficient manner. 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.”  He went on to explain, “Finding established locations with experienced employees in communities like these fit into our strategic plan perfectly and we are looking forward to serving these new customers. It is a tough time in our nation and world right now and we hope to continue to be a source of assistance and education for our customers, footprint wide. We are extremely proud of our employees and our newest employees for making this transition during this difficult time in our communities. 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 time.”

About Select Bancorp, Inc.

Select Bancorp, Inc. is a bank holding company headquartered in Dunn, N.C. 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, South Carolina and Virginia. The Company’s common stock is listed on the Nasdaq Global Market under the symbol “SLCT”. Select Bank & Trust Company has 19 offices in Burlington, Charlotte, Clinton, Cornelius, Dunn, Elizabeth City, Fayetteville, Goldsboro, Greenville, Holly Springs, Leland, Lillington, Lumberton, Morehead City, Raleigh, and Wilmington, N.C., Blacksburg and Rock Hill, S.C., and Virginia Beach, Va., and loan production offices in Durham, Wilson and Winston-Salem, N.C. Select Bank & Trust Company serves these and nearby communities focusing on local businesses and consumers as a dedicated community bank. The mission of Select Bank & Trust Company 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 Company, they receive quality financial products at a fair and competitive price, along with friendly, courteous, and responsive service. More information can be obtained by visiting www.SelectBank.com.

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