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Banking & Finance

On Military Cutoff Road, Bank To Open First Wilmington Office

By Cece Nunn, posted Jul 25, 2017

A regional bank with a branch in Leland is expanding to Wilmington after leasing space in the Mayfaire area, according to an announcement Tuesday.
 
Select Bank & Trust is expected to open the new office, in nearly 8,000 square feet on the ground floor of 1001 Military Cutoff Road, in October. Select is filling the spot formerly occupied by NewBridge Bank.

“Opening a full-service Wilmington branch is a significant milestone for our bank,” said Keith Betts, executive vice president and chief banking officer of Select Bank & Trust, in a news release. “We have developed a solid customer base in Brunswick and New Hanover counties with our branch in Leland, which led us to establishing this location in Wilmington. The additional branch will provide added convenience for many of our customers, and we believe this location offers significant business opportunities.”

The Wilmington branch will offer commercial banking services, traditional banking products and drive-through lanes, as well as an ATM machine. 

Betts, who has 35 years of banking experience, including 32 in Wilmington, will lead a team of experienced bankers at the new location, the release said. Betts founded Port City Bank in Wilmington in 2001 and served as president and CEO until the bank sold in 2006.

On the announcement, William L. Hedgepeth II, president and CEO of Select Bank and its parent company, Select Bancorp Inc. (NASDAQ: SLCT), said in the release, “It has been our goal for some time to further expand the markets we serve. As part of our strategic planning process and growth philosophy, we make an effort to seek out prime locations and identify and hire outstanding employees. This location is a great fit for our bank. We look forward to serving the people of New Hanover County.”

A grand opening celebration for the Wilmington branch will be planned for November, according to the release.

The Wilmington branch announcement comes on the heels of Select Bancorp’s announcement last week of the signing of a definitive merger agreement with Charlotte-based Premara Financial Inc., pursuant to which Carolina Premier Bank is proposed to be merged with and into Select Bank, the release said. That transaction, which is subject to both shareholder and regulatory approval, would add four new branches to Select Bank’s branch network.

If the merger is completed, the combined company will have 18 branches across North Carolina and South Carolina and is projected to have $1.1 billion in total assets, according to the release.

In addition to Leland, Select Bank & Trust Company currently has 12 branch offices throughout North Carolina.

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