Franklin, N.C.-basedEntegra Financial Corp.($1.03 billion), the parent of EntegraBank, completed its acquisitionof Waynesville, N.C.-based OldtownBank ($111.5 million), effective April 1, according to a same-day newsrelease.
Oldtown Bankmerged into Entegra Bank. Entegra will continue to operate Oldtown Bank's officeunder the Oldtown Bank name until a system conversion is completed in August.
Pursuant tothe terms of the deal,Oldtown Bank's shareholders will receive cash payment equivalent to $11.05 in exchangefor each Oldtown Bank common share held prior to the effective time of the merger.The aggregate merger consideration paid by Entegra was approximately $13.5 million,which includes the cash-out of in-the-money stock options. The company did not issuecommon shares in connection with the deal.
Effective uponthe consummation of the merger, Charles Umberger, president and CEO of Oldtown Bank,became executive vice president and chief lending officer of Entegra Bank.