The organizers of Community Bank of the Carolinas, which officially ended its de novo process on June 28, are now eyeing the acquisition of a community bank, the Winston-Salem (N.C.) Journal reported.
After looking at targets in North Carolina, South Carolina and Virginia, bank organizers have signed a letter of intent to buy a community bank with total assets of about $100 million, according to the report. Simpson Brown Jr., who led the start-up efforts for Community Bank of the Carolinas, would be CEO of the acquired bank.
The name of the target bank will be announced after a definitive agreement is reached, expected within seven to 10 days, the news outlet reported, citing Brown.
Community Bank of the Carolinas, which had withdrawn its charter application with the North Carolina Commissioner of Banks and its deposit insurance application with the Federal Deposit Insurance Corp., would have been the first post-financial-crisis de novo bank in North Carolina.
