Citizens South Banking Corp. in Gastonia, N.C., is buying the $150 million-asset Trinity Bank in Monroe, N.C., for $35.5 million.
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The deal, which was announced last week and is expected to close in the fourth quarter, would be the first in four years for the 101-year-old Citizens.
It would move the $511 million-asset Citizens into the fast-growing market of Union County, in southeast North Carolina. Citizens' 11 branches are clustered around the Charlotte area.
Trinity, founded in 1999, caters to churches and churchgoers.
