Three local Entegra branches have been officially sold by First Citizens Bank to Select Bank. This deal is part of Engetra's sale to First Citizens in the new year.
Entegra Bank branches in Highlands, Sylva and the Holly Springs branch in Franklin will now be owned by Select Bank.
"Today's agreement represents a step forward for the merger with Entegra," says Frank Holding, CEO and Chair of First Citizens Bank. "Select Bank is known for its dedication to customer service. We will work together to ensure a smooth transition."
Earlier this year, Entegra announced it would be sold to First Citizens Bank. However, Entegra’s sale to First Citizens couldn't be finalized until three local branches were sold. CEO Roger Plemmons has explained that without the sale First Citizens would have had more than 50 percent of the market in Macon County and that isn’t legal based on anti-trust laws.
As a part of the deal Select will take on about $180 million in deposits and purchase about $110 million in loans.
Select is headquarted in Dunn, North Carolina. The bank operates 18 branches across North Carolina, South Carolina and Virigina.
The deal between Entegra and First Citizens Bank is expected to go through around December 31. All 15 Entegra branches will be converted to First Citizens systems in 2020.
