TrustAtlantic Bank has agreed to buy a branch from fellow North Carolina lender Harrington Bank.
The Chapel Hill-based Harrington has agreed to sell its Raleigh branch, including deposits of $27 million and certain loans, to TrustAtlantic, the two banks said Monday. The deal has been approved by both boards and needs regulatory approval.
TrustAtlantic would acquire no more than $27 million of loans, President and Chief Executive James Beck told American Banker. TrustAtlantic intends to keep the branch open and will retain its staff, he said. Beck declined to say how much TrustAtlantic agreed to pay since both banks are privately held.
This will be the third branch in Raleigh, and fifth overall, for the $370 million-asset TrustAtlantic.
"The Falls River Town Center location is in the heart of a vibrant and growing housing area and will make us more accessible to businesses and individuals in north Raleigh and Wake Forest," Beck said in a news release.
Harrington, with assets of $269 million, would have three branches in Chapel Hill following the deal.