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2 mutual savings banks in North Carolina to merge

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2 mutual savings banks in North Carolina to merge

In Roanoke Rapids, N.C., Roanoke Valley Savings Bank SSB will merge into Roanoke Rapids Savings Bank SSB, rrspin.com reported.

The deal is subject to regulatory approvals and approval of each mutual savings bank's members. It is expected to close in the first quarter of 2019.

Current Roanoke Rapids Savings Bank President and CEO Ed Jackson will keep his post at the combined entity following deal completion, with current Roanoke Valley Savings Bank President and CEO Jim Gossip serving as a consultant. Two current Roanoke Valley Savings Bank directors will join Roanoke Rapids Savings Bank's board.

SNL valuations for bank and thrift targets in the Southeast region between June 21, 2017, and June 21, 2018, averaged 156.27% of book, 164.47% of tangible book and had a median of 26.27x last-12-months earnings, on an aggregate basis.

SNL data shows that as of March 31, Roanoke Rapids Savings Bank had $48.8 million in assets, while Roanoke Valley Savings Bank had assets of $35.7 million. Roanoke Rapids Savings Bank will expand in Halifax County, N.C., by one branch to be ranked fourth with a 9.84% share of approximately $673.4 million in total market deposits.

Wyrick Robbins Yates & Ponton LLP and Brooks Pierce McLendon Humphrey & Leonard LLP served as legal counsel for Roanoke Rapids Savings Bank and Roanoke Valley Savings Bank, respectively.

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