Select Bank & Trust Co. in Greenville, N.C., said Tuesday it will acquire Gibsonville Community Bank from Bank of Atlanta.
Under the cash transaction expected to close Dec. 31, the $199.1 million-asset Select Bank would get $24 million of deposits, $2 million of loans and Gibsonville's lone office from the $196.2 million-asset Bank of Atlanta. Other financial terms of the deal were not disclosed.
The Gibsonville, N.C., branch would be Select Bank's fifth financial center; Gibsonville Community Bank employees would become Select Bank employees.
"This area, in North Carolina's Triad region, presents a great opportunity for the expansion of Select," Mark A. Holmes, president and chief executive of Select Bank, said in a press release. "Knowing the potential of this market and having the opportunity to start with an existing operation is a better option for us, our customers — including current Gibsonville Community Bank customers — than opening a de novo office."
