TROY, N.C. Two North Carolina banking companies have announced a $22 million stock-and-cash deal.
First Bancorp of Troy said Friday that it plans to buy $101 million-asset Century Bancorp of Thomasville; the two towns are roughly 50 miles apart south of Winston-Salem.
The deal would give $625 million-asset First Bancorp entry to the Thomasville area, which its president and chief executive officer, James Garnet, said his company has long wanted.
Century Bancorps subsidiary, Home Savings, would be renamed First Bank, which along with First Savings Bank of Monroe, is a subsidiary of First Bancorp.
James Hudson, Centurys president, is to be an executive vice president of the post-merger company and a member of its board.
The deal is expected to close in the first quarter or early in the second.