Dunn, N.C.-based Select Bancorp Inc.'s bank unit, Select Bank & Trust Co., agreed to acquire three branches of Entegra Bank in western North Carolina.
The branches are being divested under the agreements with the U.S. Department of Justice, Antitrust Division, and the Federal Reserve in connection with Entegra Bank's proposed merger into First-Citizens Bank & Trust Co.
Entegra Bank's Highlands, Sylva and Holly Springs branches in North Carolina will be acquired by Select Bank. Select Bank will assume about $180 million in deposits and will purchase approximately $110 million in loans.
Franklin, N.C.-based Entegra Financial Corp. is the parent company of Entegra Bank, and Raleigh, N.C.-based First Citizens BancShares Inc. is the parent company of First-Citizens Bank.
The proposed acquisition is expected to occur on or about Dec. 31.
On the date of the merger between Entegra Bank and First-Citizens Bank, expected to occur in the second quarter of 2020, First-Citizens Bank will temporarily acquire the three divested branches, but the accounts will not be converted to First-Citizens Bank's systems. Instead, Select Bank will acquire and convert customer accounts at the three divested Entegra Bank locations.