ROCKY MOUNT, N.C., Feb. 5 /PRNewswire/ -- Centura Banks, Inc. (NYSE: CBC)
today finalized its acquisition of Scotland Bancorp, Inc. (Amex: SSB) and its
wholly-owned savings bank subsidiary, Scotland Savings Bank, based in
Laurinburg, N.C. As part of the acquisition, Scotland Bancorp shareholders
received $11.75 per share for each issued and outstanding share of Scotland
Bancorp common stock. With assets of $61 million, Scotland Savings operated
two banking offices in North Carolina: one in Laurinburg and one in
Pinehurst.
Now that all regulatory and stockholder approvals have been received and
the acquisition completed, Centura will close its Laurinburg financial
services office and conduct banking business solely at the former Scotland
Savings Bank location at 505 S. Main Street, Laurinburg. Centura plans to
close the Scotland Savings location in Pinehurst and Scotland Savings
customers will be able to conduct their banking business at Centura's two
Pinehurst locations: 110 Aviemore Road and 25 Chinquapin in Pinehurst
Village.
"Centura looks forward to providing Scotland Savings customers and others
in the Laurinburg and Pinehurst communities with a broad range of quality
financial services," said H. Kel Landis III, president of Centura Bank.
With assets of $8.2 billion, Centura provides a complete line of banking,
investment, insurance, leasing and trust services to individuals and
businesses throughout North Carolina, South Carolina, and Virginia. Services
are provided through 210 financial centers and over 300 ATMs; the Centura
Highway telephone banking center; Centura's Internet site; and Quicken(R),
QuickBooks(R), Microsoft(R) Money and Quicken(R) Lite (formerly BankNow(TM)),
the leading personal finance software packages.
SOURCE Centura Banks, Inc.
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800-758-5804, ext. 870954
CONTACT:
Bruce Gillikin, Centura Banks, Inc.,
252-454-4050
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