Select Bank & Trust holding company Select Bancorp has secured the required regulatory approvals to complete the acquisition of Virginia Beach branch of City National Bank.
Image: Select Bank has secured regulatory approvals to buy Virginia Beach branch of City National Bank. Photo: courtesy of Adam Radosavljevic / Pixabay.
In January this year, Select Bancorp agreed to acquire City National branch in Virginia Beach, Virginia.
The deal will allow Select Bank to acquire the equipment, and other selected assets associated with City National Bank’s Hilltop branch located in Virginia Beach.
The bank will also assume the majority of deposits that worth around $30m (£23.6), as part of the deal.
According to the company, the deal is expected to be completed in the late second quarter of this year with the conversion occurring soon after and the branch opening as Select Bank & Trust tentatively on 1 July.
Select Bancorp president and CEO William Hedgepeth 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.”
Select Bank has hired Virginia Beach resident and banker Steven Byrd for the management of the market in the region.
Byrd said: “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.”
Based in Dunn of North Carolina, Select Bancorp primarily carries out operations through its wholly owned subsidiary Select Bank & Trust.
Select Bank is a North Carolina-chartered commercial bank, which offers a full suite of banking services through its offices in North Carolina and South Carolina.
The bank has 19 offices in Burlington, Charlotte, Clinton, Dunn, Elizabeth City, Fayetteville, Goldsboro, Greenville, Holly Springs, Leland, Lillington, Lumberton and other areas.