Ever since the Franklin-based bank Entegra announced its sale to First Citizens in April, rumors have been swirling that locals will lose their jobs once the sale is finished. Here’s an update as the year ends.
CEO Roger Plemmons says that Entegra’s sale to First Citizens Bank can’t be finalized until three local branches are sold. Plemmons explains that without the sale First Citizens would have had more than 50 percent of the market in Macon County and that isn’t legal:
“The way the regulatory bodies look at it is that they just want to have a competitive banking environment,” says Plemmons.
So theEntegra Bank branches in Highlands, Sylva and the Holly Springs branch in Franklin are all being sold to another bank by First Citizens. Plemmons says details of that be announced very soon.
He adds the buyer is interested in keeping on the current about 20 employees at the three branches. Layoffs have been a concern for Entegra workers. The bank owns about 20 branches across Western North Carolina, South Carolina and Georgia.
BPR asks: “Everyone has been concerned as this merger has been moving forward that they are going to lose their jobs - I have heard that some people have been let go?
“There is no truth to that. We have not had any layoffs at this point,” says Plemmons.
The bank was founded in Franklin in 1922 and its corporate office is still located there.
BPR asks: “I have heard that the corporate office won’t be there much longer, is there any truth to that?
“No, that has not been a discussion at this point,” says Plemmons.
Plemmons says that it will be about 6 months until the banks change over and customers see changes.
BPR asks: “At that point do you think there will be layoffs?
“I’m not privy to that but we run a good bank and have a good efficient systems so hopefully those jobs will stay in this market,” says Plemmons.
It’s estimated that First Citizens is paying over $200 million dollars for Entegra. This deal came after shareholders rejected a merger with Smart Bank in January for $158 million dollars.
