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Banking & Finance

Select Bank Expands Footprint In Area

By Jenny Callison, posted Sep 8, 2017
Select Bank is moving into Suite 100 at 1001 Military Cutoff Road this fall. The space was occupied by NewBridge Bank until its acquisition last year by Yadkin Bank. (Photo by Jenny Callison)
Building on its success in Leland, Select Bancorp Inc. has announced that it will expand its presence of its subsidiary, Select Bank & Trust, to Wilmington this fall.

“Opening this branch in Wilmington is a significant milestone for our bank,” W. Keith Betts, the bank’s executive vice president and chief banking officer, said recently. “As we look at the big picture and at our strategic future, we know we want to expand our presence in North Carolina and specifically in growing markets. Wilmington continues to be a growing city and has been voted as one of the best places for business in the country by Forbes Magazine.”

Betts, who oversees Select Bank’s Wilmington market, said the bank wanted to “find the right opportunity” to grow in the local market, and that officials are convinced they have found it in its new location at 1001 Military Cutoff Road, Suite 100.

The space was formerly occupied by New- Bridge Bank. The new location, expected to open this October, will offer commercial banking services and traditional banking products and will feature drive-thru lanes as well as a full-service ATM machine, according to a release from Select Bank.

Since opening the Leland branch in February 2016, Betts said that Select Bank has “developed a solid customer base in Brunswick and New Hanover counties … which led us to establishing this location in Wilmington.”

Betts, who has spent 34 of his 37- year banking career in Wilmington, said Select Bank is assembling a team of “seasoned bankers who call Wilmington home.”

Select Bank, with assets of about $850 million as of Dec. 31 offers a range of retail, small business and commercial banking products and services, and is “intent on being the local community bank of choice in the markets we serve by providing exceptional customer service, superior products and experienced bankers using a common-sense approach to banking,” Betts said.

Headquartered in Dunn, Select Bank currently has 13 locations in addition to the planned Wilmington branch.

Those North Carolina branches are in Burlington, Clinton, Dunn, Elizabeth City, Fayetteville, Goldsboro, Greenville, Leland, Lillington, Lumberton, Morehead City, Raleigh and Washington.

Select Bancorp’s Wilmington branch announcement comes on the heels of its announcement earlier in July that it had signed a definitive merger agreement in which Charlotte-based Premara Financial Inc. subsidiary Carolina Premier Bank would be merged into Select Bank.

That transaction, which is subject to both shareholder and regulatory approval, would add four new branches to Select Bank’s 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.
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