Capital Bank of Raleigh, N.C., said it has a deal to buy Home Savings Bank of Siler City Inc. for $15 million.
Home Savings is a 48-year-old North Carolina thrift with $58 million of assets. Capital Bank has $85 million of assets.
The deal, expected to close late this year or early in 1999, would give Capital Bank its first presence in Chatham County, where Home Savings has two branches. Capital operates five branches in two neighboring counties.
"Home Savings Bank has the second-largest deposit share in Siler City and the third-largest in the county," said O.A. Keller 3d, chairman of Capital. "This will be an important new market for us and a significant milestone in the growth of our company."
Capital Bank has had other milestones since being started in June 1997. It attracted attention when its initial public offering raised $27 million, which the bank claimed as a record for a start-up.