Yadkin Financial in Raleigh, N.C., has agreed to sell two branches in North Carolina to Select Bancorp in Dunn, N.C.
The $748 million-asset Select said in a press release Friday that it will buy branches in Morehead City and Leland, along with "a majority" of the deposits and "substantially all loans," from the $4.3 billion-asset Yadkin. The price of the transaction, which is expected to close in the fourth quarter, was not disclosed.
"It has been our goal for some time to further expand the markets we serve," William Hedgepeth, Select's president and chief executive, said in the release. "These two locations are a great fit for our bank."
The branches held nearly $63 million in deposits, based on June 2014 data from the Federal Deposit Insurance Corp.
Select Bank was advised by Raymond James and Wyrick Robbins Yates & Ponton. Yadkin was advised by Nelson Mullins Riley & Scarborough.
Yadkin, which merged with VantageSouth Bank last year, recently announced plans to cut jobs and close or sell six branches. Those moves are expected reduce annual expenses by roughly $3.5 million, though the company recognized a $907,000 restructuring charge in the first quarter tied to those efforts.
