News Column

BRIEF: New Century completes Select Bancorp acquisition

July 29, 2014

By Doug Harris, The Fayetteville Observer, N.C.

July 29--Dunn-based New Century Bancorp Inc. completed its acquisition of Select Bancorp Inc. on Monday.

The companies also combined their banking subsidiaries, New Century Bank and Select Bank & Trust Co., in the merger, according to a news release. The combined company will be named Select Bancorp Inc. and Select Bank & Trust Co.

"We believe we have brought together two companies with similar cultures and philosophies and, in so doing, have created an outstanding community banking franchise that will be an asset to the communities we serve and one which will benefit our employees, customers and shareholders," said William L. Hedgepeth II, president and chief executive officer of Select Bancorp Inc. and Select Bank & Trust Co., said in the release.

The merger was agreed to by the companies' boards of directors in September, and shareholders for the two banks approved the deal in May.

The combined company has total assets, deposits and loans of about $805 million, $667 million and $561 million, respectively, the release said.

Select Bancorp operates 14 branches in 12 cities, including Fayetteville, Clinton, Dunn, Lillington and Lumberton.

- Doug Harris


(c)2014 The Fayetteville Observer (Fayetteville, N.C.)

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Source: Fayetteville Observer (NC)

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