RALEIGH, N.C. -- Triangle Bancorp will acquire Atlantic Community Bancorp of Rocky Mount, N.C., in a tax free stockfor-stock exchange valued at $19.5 million, Triangle's president announced.
The deal, which is still subject to review by both parties, will swap six-tenths of a share of Triangle Bancorp's common stock for each share of Afiantic common stock.
Approximately 1.8 million Triangle shares will be issued.
Raleigh-based Triangle has been on an expansion binge this year.
The $303 million-asset bank had announced Sept. 2 that it would acquire $83 million-asset Standard Bank and Trust Co. of Dunn, N.C.
The latest deal will make Triangle the 10th-largest bank in North Carolina, with more than $557 million in assets.
Its earnings for the six months ended June 30 were up 84% from those of the 1993 half, mostly because of another merger.