ROCKY MOUNT, N.C., Jan. 21 /PRNewswire/ -- Centura Banks Inc. (NYSE: CBC)
and Triangle Bancorp Inc. (NYSE: TGL) today announced the final list of
branches planned to be divested as part of their merger.
All but one of the branches on the list were previously announced. The
branches to be divested include two Centura Bank ("Centura") branches and 17
Triangle Bank ("Triangle") branches in North Carolina markets where their
franchises overlap. These divestitures were mandated by banking regulatory
agencies as a step toward completion of the merger.
Acquiring banks have agreed to purchase the deposits and assume the assets
of the Centura and Triangle branches being divested. Upon regulatory approval
and completion of other conditions necessary for the transfer, customer
accounts of those branches would become accounts of the acquiring banks.
In addition, the previously announced acquisitions of four branches by
First-Citizens Bank & Trust Co., The Fidelity Bank and Southern Bank and Trust
Co. have been disapproved by the Federal Reserve Board based on these banks'
already sizeable deposit shares in the Warren County, Granville County and
Roanoke Rapids banking markets. These branches and one additional branch are
now being acquired by Capital Bank, headquartered in Raleigh. This change will
not delay the merger, which is expected to close Feb. 18.
"The Centura employees in these communities and our company as a whole
have the responsibility to continue serving these communities," said Cecil
Sewell, chief executive officer of Centura Banks Inc. "Although we were not
allowed to keep these offices, we are committed to serving these communities,
the state and the region beyond as a premier provider of financial services."
The following list contains the names of the acquiring financial
institutions and the branch locations they will acquire.
Centura Bank offices
Financial Institution: To Acquire:
Capital Bank 123 E. Main St., Woodland
Waccamaw Bank 111 Strawberry Blvd., Chadbourn
Triangle Bank offices
Financial Institution: To Acquire:
Capital Bank 200 Main St., Seaboard
109 Hillsboro St., Oxford
207 S. Main St., Warrenton
703 Linden Ave., Oxford
(not previously announced)
First South Bank 100 E. Hope Lodge St., Tarboro
1378 Benvenue Rd., Rocky Mount
2901 Sunset Ave., Rocky Mount
450 N. Winstead Ave., Rocky Mount
3635 N. Halifax Rd., Dortches
116 S. Franklin St., Rocky Mount
(deposits and loans only)
Gateway Bank & Trust Co. 433 U.S. 64 East, Plymouth
102 W. Buncombe St., Roper
Southern Bank and Trust Co. 301 W. Main St., Battleboro
343 W. Washington St., Nashville
Main St. at Hwy. 301 S., Sharpsburg
The Heritage Bank 112 E. Main St., Fremont
108 N. Third St., Pinetops
About Centura
Upon completion of the acquisition of Triangle Bancorp Inc., expected to
close Feb. 18, Centura Banks Inc. will have assets of approximately
$11 billion. The company provides a complete line of banking, investment,
insurance, leasing and asset management services to individuals and businesses
in North Carolina, South Carolina and Virginia. Centura's broad range of
financial solutions is provided through more than 225 full-service financial
offices and Centura Highway, the bank's multifaceted customer access system
that includes telephone banking, an extensive ATM network, PC banking, online
bill payment and the bank's suite of Internet products and services.
Additional information may be found on Centura's Web site at http://www.centura.com .
SOURCE Centura Banks Inc.
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Related links:
http://www.centura.com
Company News On-Call:
http://www.prnewswire.com/comp/870954.html or fax,
800-758-5804, ext. 870954
CONTACT:
Frank Pattillo of Centura Banks Inc.,
252-454-8341, or fpatillo@centura.com, or Susan Caddell of
Triangle Bancorp Inc., 919-881-0455, ext. 142, or
slcaddell@trianglebank.com
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