Select Bank is coming to Highlands Entegra location

The Highlands Entegra Bank location will soon have a new owner. As part of the merger agreement between Entegra Bank and First Citizens Bank, three Entegra Bank locations, including the Highlands location, had to be sold to another bank prior to the merger being approved by the Department of Justice.

The two entities announced just before the new year that Select Bank and Trust had purchased the three Entegra Bank locations and would assume operations in the next few months.

“The agreement with Select Bank represents a step forward in the merger with Entegra,” said Frank Holding, chairman and chief executive officer of First Citizens Bank. “Select Bank is known for its longstanding commitment to customer service. We’ll work together to ensure a smooth transition.”

Select Bancorp Inc. the holding company for Select Bank & Trust, was founded in 2000 and is headquartered in Dunn, N.C. While based in North Carolina, Select Bank & Trust also has locations in South Carolina and Virginia.

“We’re excited about extending our presence to these Western North Carolina communities and look forward to welcoming our new customers and employees to our bank in the days ahead,” said William L. “Bill” Hedgepeth II, president and chief executive officer of Select Bank.

Macon Bank CEO touted the sale and shared his support of the new bank and its mission.

“Select Bank shares the same values and philosophies of our two companies. We believe Select Bank will be a great fit for these customers and communities,” said Roger Plemens, president and chief executive officer of Entegra Bank.

As part of the agreement, Select Bank will assume approximately $180 million in deposits and will purchase approximately $110 million in loans.

Plemens noted that employees currently serving the three branches will retain their jobs and customers will be given the opportunity to remain at the branches and transfer their accounts to Select Trust or move to a different branch location of Entegra Bank, which will soon become First Citizens.

By Brittney Lofthouse

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