GREENVILLE, N.C., Jan. 17, 2012 /PRNewswire/ —

• Acquisition consummated at close of business January 13, 2012
• Increases Select’s deposits by $25 million and loans by $2 million
• All Gibsonville employees have joined the Select team

Select Bank & Trust Company, Select, has completed the acquisition of the Gibsonville Community Bank office from its owner, Bank of Atlanta, Atlanta, GA, as of the close of business Friday, January 13th, announced Mark A. Holmes, president and CEO of Select.

The former Gibsonville Community Bank office will open for business Tuesday morning, January 17th as Select’s fifth financial center. All former Gibsonville Community Bank employees have joined the Select team along with Gibsonville resident, Don A. Jennings, formerly President and CEO of VantageSouth Bank and Morris Plan Bank, Burlington, NC.

“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 former 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 former Gibsonville Community Bank customers and the 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 December 31, 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