RALEIGH, N.C. - Triangle Bancorp on Friday polished off its mergers with Standard Bank and Trust Co. in Dunn, N.C., and Atlantic Community Bancorp, which owns Unity Bank in Rocky Mount.
The offices of both banks will be merged into Triangle.
The transaction with Standard was a tax-free exchange, two shares of Triangle for one share of Standard. Atlantic Community Bancorp shareholders will receive 0.60 share of Triangle common stock for each share of Atlantic common they hold, also in a tax-free exchange.
In all, 3.29 million shares of Triangle were issued, for a combined transaction value of about $32 million.
The mergers bring Triangle assets to more than $639 million, making it the ninth-largest bank in North Carolina.