The sale of Entegra Financial Corp. to First-Citizens Bank & Trust Company is official.
The banks announced that the deal was finalized on December 31 for about $220 million.
The Franklin-based bank was founded in 1922. The 18 Entegra branches across Western North Carolina, South Carolina and Georgia will continue to operate as Entegra Bank for now but as a division of First Citizens Bank. In about 6 months, the banks will transition over to First Citizens systems.
“We are pleased to welcome the customers and associates of Entegra Bank as we build on our foundation in Western North Carolina, Upstate South Carolina and North Georgia,” says Frank B. Holding Jr., chairman and CEO of First Citizens Bank.
“The merger will allow us to better serve customers across these markets with a wide range of financial products and services, while maintaining the exceptional service they expect.”
Three local Entegra branches in Highlands, Sylva and Franklin were sold by First Citizens to Select Bank as a part of anti-trust law.
Entegra CEO Roger Plemmons has said that Select Bank is interested in keeping on those local employees. When asked if employees at the other 15 branches would keep their jobs after the merger, he responded:
“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.
The bank’s sale to First Citizens came after shareholders rejected a merger with Smart Bank for $158 million dollars last January.