Wilmingtonbiz logo
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.

Story On The Map

Join The Discussion

Similar Stories

Ico insights


Dallas headshot 300x300

An Estimate Of Future Company Cash Flow

Dallas Romanowski - Cornerstone Business Advisors

2017: Energy in the Spotlight

David McGowan, III - N.C. Petroleum Council; American Petroleum Institute-NC
Lr 7992 pp 911712351

Add A Personal Touch To Your Life And Legacy

Patrick Kelly - Dignity Memorial

Book On Business


The 2017 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!
Print Only
$24.95 - Qty
Print + Excel File
$79.95 - Qty

In The Current Issue

NCino, Live Oak Roots Spread Wider

The growth of two Wilmington companies continues to make news. Both Live Oak Bancshares and its now-independent offspring, nCino, maintain rapid rates of growth, adding both customers and capabilities.

Update On U.S. 421 Infrastructure Project

The Cape Fear Public Utility Authority is gearing up for water and sewer construction beginning in January, aimed at providing the infrastru...

Looking At The Big Picture

Every business, large and small, wants a blueprint for long-term growth. Wilmington-based Tayloe/Gray, a firm providing branding, design, te...

Ico topnews Editor's Picks

Jobs, Investment On The Rise Since 2012 In New Hanover County, Report Says

Christina Haley O'Neal - Sep 22, 2017

Session Seeks Workforce Training Input From Construction Employers

Cece Nunn - Sep 22, 2017

As One Gets Ready To Close, Other Area Golf Courses For Sale

Cece Nunn - Sep 21, 2017 Trending News

Gov. Cooper Vetos Bill That Includes Funding On GenX

Christina Haley O'Neal - Sep 21, 2017

Action Coach Reggie Shropshire

I am a certified Wilmington Business Coach with ActionCOACH, the world’s number-one business coaching franchise.

Ico trending Trending News

Ico newsinimages News in Pictures

Have a tip, pitch or guest column?  Send us a tip.

Gallery Galleries

Video Videos

Power Breakfast: Coach C.B. McGrath - June 2017
Wilmington's Most Intriguing People of 2016

Register to Continue Seeing Wilmington's Best Business Coverage!

There are three ways to register for free.

Sign in with LinkedIn, Facebook or create an account:

Already registered? Login here.

Your free registration includes:

  • Access to 10 articles per month on WilmingtonBiz.com
  • Email updates to stay informed on local business news
  • A mobile optimized website
  • Advanced notification of Business Journal events
  • Management of your digital and print subscriptions
Laptop iphone ipad