×

Select Bancorp Announces Completion of Acquisition of Two Branches

DUNN, N.C., Dec. 15, 2015 (GLOBE NEWSWIRE) -- Select Bancorp, Inc. (the “Company”) (NASDAQ:SLCT), the holding company for Select Bank & Trust, (the “Bank”) today announced completion of the previously announced acquisition of two branches of Yadkin Bank located in Morehead City and Leland, N.C.

In connection with the acquisition, the Bank assumed approximately $30.8 million in customer deposits and acquired approximately $9.1 million in loans associated with the branches.

Both branches opened Monday, December 14 as offices of Select Bank & Trust, and the employees of both branches were retained as Select Bank employees.

“We’re pleased to close this transaction and look forward to delivering ‘common sense’ and ‘local banking’ to each and every one of our new customers,” Select Bank President and CEO William L. Hedgepeth II said.

“It has been our goal for some time to expand the markets we serve,” Mr. Hedgepeth added. “As part of our strategic planning process and growth philosophy, we make an effort to seek out prime locations and identify and hire outstanding employees. These two locations are a great fit for our bank. We look forward to serving the people of Brunswick and Carteret counties. This is an exciting time for Select Bancorp, all of our shareholders, customers and communities, as a larger well-established local bank.”

Select Bancorp, Inc.

Select Bancorp, Inc. is a bank holding company, headquartered in Dunn, North Carolina, whose wholly-owned subsidiary, Select Bank & Trust Company, is a state-chartered commercial bank insured by the FDIC. Select Bank & Trust Company has fourteen branch offices located in Burlington, Clinton, Dunn, Goldsboro, Greenville (2), Elizabeth City, Fayetteville, Lillington, Leland, Lumberton, Morehead City, Raleigh and Washington, North Carolina. More information can be obtained by visiting Select's web site at www.SelectBank.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by words such as “may,” “hope,” “will,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential,” “continue,” “could,” “future” or the negative of those terms or other words of similar meaning. You should read statements that contain these words carefully because they discuss our future expectations or state other “forward-looking” information. These forward-looking statements involve a number of risks and uncertainties.

William L. Hedgepeth, II President Chief Executive Officer Office: 910-892-7080 BillH@SelectBank.com SelectBank.com

Source:Select Bancorp Inc.