ROCKY MOUNT, N.C. -- Centura Banks Inc. said it has agreed to acquire Cleveland Federal Bank. an $88 million-asset thrift based in Shelby, N.C., for $15.5 million in stock.

Cleveland Federal has $68 million in loans, $76 million in deposits, and the fourth-largest deposit market share in Cleveland County.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.