Officials at Triangle Bancorp say the tiny holding company ts on an acquisition binge, and don't plan to slow it down anytime soon.
The Raleigh, N.C.-based banking company signed a deal to acquire Standard Bank and Trust Co. of Dunn, N.C., last week in a stock swap.
"I don't know that we will take a breather. I think there are still some opportunities out there," said Michael S. Patterson, Triang!e's president and chief executive. "We feel like we've got to grow. We want to try to be a player in the consolidation game in our market."
This is the $303 million-asset Triangle's third acquisition since it opened for business seven years ago.
Upon completion of the acquisition, Triangle East Bank, the company's main banking subsidiary, will rank as the 13th-largest bank in North Carolina, a state that has seen considerable consolidation in recent years.
The transaction, which is subject to a due-diligence review by both parties and a definitive agreement, is structured as an exchange of two shares of Triangle common stock for each share of Standard Bank common.
Standard will add $83 million of assets and three branches to Triangle. But Mr. Patterson has aspirations of building the bank to more than $500 million of assets.
He said the company could make another acquisition soon.
"We will be looking to do that," he said. "We don't feel in today's environment that we can stand still.
"We think right now is a good time to he looking to do transactions."
About a month ago the banks began merger talks in earnest, though Mr. Patterson told Standard's management years ago that Triangle would he interested in making the acquisition.
"We've always let them know we had a strong interest in their bank," he said.