SELECT BANCORP, INC. (NASDAQ:SLCT) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.
On December 20, 2019, Select Bank & Trust Company (“Select Bank”), a wholly owned subsidiary of Select Bancorp, Inc. (the “Company”), entered into a Branch Purchase and Assumption Agreement (the “Purchase Agreement”) with Entegra Bank (“Entegra”), whereby Select Bank will assume the deposits and acquire the majority of the loans, property, equipment and other selected assets associated with three existing Entegra branch offices (the “Acquired Branches”). The Acquired Branches are being divested as required under agreements with the U.S. Department of Justice, Antitrust Division, and the Federal Reserve in connection with the proposed merger of Entegra Financial Corp. and its wholly owned subsidiary Entegra with First-Citizens Bank & Trust Company, Raleigh, North Carolina (“First-Citizens”). The transaction is contingent upon the completion of Entegra Financial Corp.’s and Entegra’s merger with First-Citizens.
In connection with the transaction, Select Bank will purchase approximately $110 million in loans and assume approximately $180 million in deposits. At the closing of the transaction, the Acquired Branches will become branch offices of Select Bank.
The Acquired Branches are located at the following addresses:
On December 23, 2019, Select Bank, Entegra, and First-Citizens issued a joint press release announcing entry into the Purchase Agreement. A copy of the joint press release is attached hereto as Exhibit 99.1.
Also on December 23, 2019, Select Bank issued a press release announcing entry into the Purchase Agreement. A copy of Select Bank’s press release is attached hereto as Exhibit 99.2.
| 2.1 | Branch Purchase and Assumption Agreement by and between Entegra Bank as Seller and Select Bank & Trust Company as Buyer, dated as of December 20, 2019. | |
| 99.1 | Joint press release dated December 23, 2019, issued by Select Bank & Trust Company, Entegra Bank, and First-Citizens Bank & Trust Company. | |
| 99.2 | Press release dated December 23, 2019, issued by Select Bank & Trust Company. | |
SELECT BANCORP, INC. Exhibit
EX-2.1 2 tm1927383d1_ex2-1.htm EXHIBIT 2.1 Exhibit 2.1 Execution Version Branch Purchase and Assumption Agreement by and between ENTEGRA BANK As Seller And Select Bank & Trust Company As Buyer dated as of December 20,…
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About SELECT BANCORP, INC. (NASDAQ:SLCT)
Select Bancorp, Inc. is the bank holding company for Select Bank & Trust Company (the Bank). The Bank is a commercial bank. The Bank provides commercial and retail financial services to customers located in its market areas. The Bank offers a range of banking services, including checking and savings accounts, commercial, consumer, mortgage and personal loans, and other associated financial services. The Bank’s lending activities are oriented to the consumer/retail customer, as well as to the small-to-medium sized businesses located in central and eastern North Carolina. The Bank offers commercial, consumer and mortgage lending products. It originates construction loans for the purpose of acquisition, development and construction of both residential and commercial properties (ADC loans). The Bank’s deposits include savings, negotiable order of withdrawal (NOW) account and money market deposits, time deposits and non-interest-bearing deposits.