The East Carolina Bank (ECB), the wholly-owned subsidiary of ECB Bancorp, has agreed to amass seven North Carolina branches of the Hampton Roads Bankshares.
Hampton Roads Bankshares is that the holding company for the Bank of Hampton Roads and Shore Bank.
Under the agreement, the ECB can acquire all deposits and selected assets associated with seven Gateway Bank branches in North Carolina: Preston Corners, Plymouth, Roper, Chapel Hill, Falls of Neuse, Lake Boone and Wilmington. As of thirty June 2011, the deposits in these branches totaled $195m.
The Bank of Hampton Roads expects to close the Roper branch and consolidate its accounts into the Plymouth branch prior to the completion of this sale.
Hampton Roads Bankshares president and CEO John Davies said with the agreement to sell these branches, the firm continue to build sensible progress on its decide to improve the operating efficiency and profitability by focusing on robust community banking franchise in its core markets.
The sale is predicted to be completed within the fourth quarter of 2011, subject to regulatory approval and customary closing conditions. The terms of the transaction weren't disclosed.
On this transaction, the Hampton was suggested by Sandler O'Neill & Partners, and ECB was suggested by Janney Montgomery Scott.
Subscribe to email feed
| |