New Century Bank of Dunn anticipates completing its acquisition of Greenville-based Select Bank & Trust later this month.
The deal, which was unveiled in September and is technically a merger, overcame its next-to-last hurdle this week by winning approval for the merger of the two banks by state and federal regulators. The final hurdle is regulatory approval of the merger of the bank’s two corporate parents, New Century Bancorp and Select Bancorp.
The two banks expect the deal to close on July 25. The combined bank will be called Select Bank going forward and will have 14 branches in eastern and central North Carolina, including one in Raleigh.
William L. Hedgepeth, president and CEO of New Century, will be CEO of the combined bank. Mark A. Holmes, currently president and CEO of Select, will be executive vice president and chief operating officer.