Select Bancorp selling S.C. branch to Pickens Savings
Select Bancorp in Dunn, N.C., has agreed to sell its branch in Six Mile, S.C.
The $1.2 billion-asset Select said in a press release Wednesday that it will sell the branch to Pickens Savings & Loan Association. The branch had $15 million in deposits in mid-2018, based on data from the Federal Deposit Insurance Corp.
Select, which will retain the loans held in the branch, did not disclose the price. The sale is expected to close in the fourth quarter.
“It is our belief that the community of Six Mile can be better served by a local community bank,” William Hedgepeth II, Select’s president and CEO, said in the release.
Pickens Savings & Loan is based in the market, which should allow it to make better decisions for the local community, Hedgepeth added.
After the deal closes, Select will have two branches in South Carolina.
“Making a decision like this is never an easy one, but we believe it is the best decision for our customers, the community, our team members and our shareholders,” Hedgepeth said.
Select’s first quarter earnings rose by 74% from a year earlier, to $3.3 million.