WASHINGTON - The Federal Reserve Board on Monday approved the application of National Commerce Bancorp, of Durham, N.C. to merge with CCB Financial Corporation, also of Durham. The merger would allow National Commerce to acquire Central Carolina Bank and Trust Co., which is owned by CCB. National Commerce is the 105th largest commercial banking organization in the country, with $6.8 billion of assets. CCB Financial is the 91st largest commercial banking organization in the country with $8.2 billion of assets.
The merger, in which National Commerce will be the surviving company, will create the 62nd largest banking organization in the country, with $15 billion of assets.