you're reading...

Cornelius News

Bank mergers mean change is coming to W. Catawba

Sept. 15. Southern Pines-based First Bank, with locations in Mooresville and Huntersville, will acquire Select Bank and Trust Co., in an all-stock deal worth more than $300 million.

Select, which is based in Dunn, NC, has a location at 18825 West Catawba, complete with a drive-up window.

The merger agreement was unanimously approved by the directors of First Bancorp, the parent company of First Bank, as well as the directors of Select. The deal is expected to go through before the end of the year.

The acquisition of Select Bank complements First Bank’s existing footprint and provides entry into several new markets, including Cornelius.

The combined company is expected to have over $9 billion in assets, $6 billion in loans, and $8 billion in deposits.

United Community and Aquesta

Separately, Greenville, SC-based United Community Banks is acquiring Aquesta Bank with a scheduled transition occurring in November. The transaction value is estimated at approximately $131 million.

“This transaction is consistent with our desire to expand into attractive and fast-growing markets that we know well,” said Lynn Harton, CEO of United.

United Community Banks has been recognized nationally for delivering award-winning service. United has $18.6 billion in assets and 161 offices in Florida, Georgia, North Carolina, South Carolina and Tennessee along with a national SBA lending franchise and a national equipment lending subsidiary. In 2021, J.D. Power ranked United highest in customer satisfaction with retail banking in the Southeast.

For FAQs on this merger, click here.

HomeTrust is coming

Asheville-based HomeTrust Bancshares Inc. is eyeing growth in Charlotte as well, with a new location opening at One Norman Boulevard and West Catawba by the end of the year.

The HomeTrust branch, at almost 10,000 square feet, will have retail, mortgage, commercial, professional and investment bankers on-site.

Follow the money

New deposit and market share data for 2021 from the FDIC show $1.498 billion on deposit in Cornelius bank branches, up 10.9 percent from last year.

Aquesta controls the biggest market share, with 19.62 percent, or $293 million in deposits. The smallest: Select Bank with .59 percent or $8.8 million, up from .21 percent or $2.88 million one year ago.