ROCKY MOUNT, N.C., Aug. 26 /PRNewswire/ -- Centura Banks, Inc. (NYSE: CBC)
today announced it has agreed to acquire Scotland Savings Bank, Inc., SSB
(Amex: SSB) based in Laurinburg, North Carolina, in a cash transaction valued
at approximately $23 million. The acquisition is contingent upon receipt of
approvals from regulatory authorities and Scotland Bancorp's stockholders.
Scotland Bancorp will schedule a special meeting of its shareholders after all
regulatory approvals are received. The Agreement and Plan of Reorganization
and Merger executed by the parties today provides for the exchange of each
share of Scotland Bancorp's common stock for $11.75 in cash. With assets of
$61 million, Scotland Savings Bank has an office in Laurinburg and one in
Pinehurst.
"We look forward to expanding our market presence in the Sandhills
region," said Cecil W. Sewell, Centura's chairman and chief executive officer.
"This transaction represents Centura's continuing commitment to Eastern North
Carolina."
"The acquisition increases our presence in two excellent markets," said H.
Kel Landis III, president of Centura Bank, "We look forward to providing top
quality service to new customers in Laurinburg and Pinehurst."
"We are very pleased to have reached this agreement with Centura," said
William C. Fitzgerald, III, president and CEO of Scotland Savings Bank. "Our
shareholders will receive fair value for their shares and Centura will
continue our tradition of outstanding customer service and community support,
while providing customers a broad choice of financial services and delivery
channel options as one of North Carolina's strongest financial institutions."
With assets of $7.7 billion, Centura provides a complete line of banking,
investment, leasing, insurance, and trust services to individuals and
businesses throughout North Carolina, South Carolina and the Hampton Roads
region of Virginia. Services are provided through 212 financial service
offices; more than 300 ATMs at financial centers, North Carolina Wal-Mart
stores and Sam's outlets; Centura Highway, Centura's 24-hour telephone banking
center; Centura's Internet site; and through Quicken(R), Quickbooks(R),
Microsoft(R) Money, and BankNow(TM), the leading online money management
software packages. Additional information about Centura is available on its
website at http://www.centura.com.
SOURCE Centura Banks Inc.
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Related links:
http://www.centura.com
CONTACT:
Steven Goldstein, Centura Banks Inc.,
252-454-8356
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