Continuing its acquisitive ways, Triangle Bancorp said Friday that it had executed a letter of intent to purchase United Federal Savings Bank of Rocky Mount, N.C., for $72 million in stock.

Triangle would exchange O.63 of a common share for each share of United Federal, which had $285 million of assets on Sept. 30.

"This partnership will enable us to significantly expand our presence in Rocky Mount, Raleigh, Cary, Spring Hope," and several other markets, said chairman and chief executive officer Michael S. Patterson. He called United "a well-run, well-managed savings bank with a strong history of serving its communities."

The merger is expected to be completed during the second quarter.

Raleigh-based Triangle had $1.2 billion of assets on Sept. 30 and about $1.5 billion on Oct. 31. It bought two North Carolina financial companies in October: $275 million-asset Bank of Mecklenburg, Charlotte, on Oct. 2 and Coastal Leasing Corp., Greenville, on Oct. 31.

In addition, on Oct. 16 Triangle announced the signing of a definitive merger agreement with Guaranty State Bank in Durham, N.C.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.