Raleigh, N.C.-based Dogwood State Bank reached an agreement to take over Raleigh-based West Town Bancorp Inc. unit Sound Bank and its board and management, the Triangle Business Journal reported, citing Steve Jones, the proposed CEO of Dogwood.
As part of the deal, Jones will be made CEO of the combined bank, and Scott Custer, a Dogwood board member, will be the bank's chairman, according to the news outlet. Natasha Austin and David Therit will be appointed as the bank's chief administrative officer and CFO, respectively.
Dogwood's team is also planning to move the new bank's headquarters to Raleigh from Morehead City, N.C., where Sound Bank is based, the news outlet reported.
Sound Bank had $219.1 million in assets as of Sept. 30, 2018, according to SNL data.