New Century Bancorp in Dunn, N.C., has agreed to sell two of its branches to Lumbee Guaranty Bank in Pembroke, N.C.
The $616.6 million-asset New Century said Wednesday that the $286.9 million-asset Lumbee will acquire the real property, equipment and other selected assets of New Century Bank's Pembroke and Raeford branches in North Carolina. Lumbee will assume all of the deposits of the two branches while New Century will retain substantially all of the loans.
The financial terms of the deal, expected to close in the first quarter of 2012, were not disclosed.
New Century acquired the two branches when the company purchased Progressive State Bank in July 2006. It currently has nine branches and a loan production office in North Carolina. Lumbee has a dozen branches.