GREENVILLE, N.C., Oct. 4, 2011 /PRNewswire/ — Select Bank & Trust Company (“Select”) has signed a definitive agreement with Bank of Atlanta, Atlanta, GA, to acquire their Gibsonville Community Bank office announced Mark A. Holmes, president and CEO of Select Bank & Trust Co.

The cash transaction, expected to close December 31, 2011—pending regulatory approval, calls for Select to acquire $24 million in deposits, $2 million in loans and the banking facility. Post-acquisition, the office will become Select’s fifth financial center and Gibsonville Community Bank employees will become employees of Select.

“This area, in North Carolina‘s Triad region, presents a great opportunity for the expansion of Select,” said Holmes. “Knowing the potential of this market and having the opportunity to start with an existing operation is a better option for us, our customers— including current Gibsonville Community Bank customers—than opening a de novo office.

“Select opened for business seven years ago with a promise to bring a ‘common sense approach to banking’ to Greenville/Pitt County. We took this same approach to Elizabeth City/Northeastern NC in 2009 and to Washington/Beaufort County, NC earlier this year. We look forward to sharing this philosophy with Gibsonville Community Bank customers and community.”

Select Bank & Trust is a community bank headquartered in Greenville, NC and serves Greenville/Pitt County through its headquarters office at 3600 Charles Boulevard, a second Greenville location at 3800 East Tenth Street, Elizabeth City/Northeastern North Carolina from 104 Nance Court just off Halstead Boulevard and Washington/Beaufort County from 155 North Market Street, Suite 103 in downtown Washington.

Keywords: Select Bancorp, Select Bank & Trust Company, community banking, green checking account

The information as of and for the quarter ended June 30, 2011, as presented is unaudited. This news release contains forward-looking statements. Actual results may differ materially from those projected, for various reasons, including our ability to manage growth, our limited operating history, substantial changes in financial markets, regulatory changes, changes in interest rates, loss of deposits and loan demand to other savings and financial institutions, and changes in real estate values and the real estate market.

SOURCE Select Bank & Trust Company