The Stanly News and Press (Albemarle, NC)

Homepage

December 18, 2013

Bank of North Carolina will purchase Home Savings Bank

Wednesday, December 18, 2013 — Bank of North Carolina is set to buy Home Savings Bank of Albemarle for $23.7 million, the financial institutions announced Wednesday.

The deal calls for BNC to pay Home Savings Bank shareholders $8.85 per share. As a result, BNC will acquire two Home Savings branches in Albemarle, one in Locust and another in Oakboro.

“This all came out of the blue,” said Ron Swanner, president and chief executive officer at South Street Financial Corp., the parent company for Home Savings.

“The Bank of North Carolina came to see us,” he said.

“We have a responsibility to our shareholders to listen.”

Home Savings’  board of directors voted in favor of the buyout. Next, shareholders will vote via a mailed proxy by February, Swanner said. If approved, the closing will take place in April.

BNC will acquire the private bank’s portfolio of $195.5 million in loans and $238.1 million in deposits. At the time of closing, BNC will have approximately $865 million in loans and $725 million  in deposits for the Charlotte region.

Swanner said the sell to BNC is a great deal for everyone involved.

“Our shareholders will be getting a great return on their investment,” Swanner said. “Our customers will have access to a large bank with more services. Our employees will have more opportunities for advancement.”

Because BNC averages as many as 35,000 trades daily, compared to Home Savings’ 200, selling shareholders will benefit from greater stock liquidity, Swanner said.

BNC, which also announced Wednesday the acquisition of the Harrington Bank of the Chapel Hill area, continued its recent trend of buying smaller banks in North Carolina.

“Our companies share the same core values of trust and service that are critical to operating a successful, vibrant organization,” Rick Callicutt, president and CEO of BNC, said in a press release.

“We look forward to the opportunity to bring a wide range of financial services to the customers and citizens of Albemarle, Oakboro and Locust,” he added.

 

1
Text Only
Homepage
Fish House

Patrons enjoy a Friday night of fish at Pat & Mick's Fish House. Stanly County's oldest remaining fish camp is set to serve its last meal Sunday.

Local News
Local Sports
Regional & National Sports
Opinion & Letters to the Editor
  • Doug Creamer Friends and contentment

    Last week I made my annual trip up the mountain to Sparta. My friends have a secluded home near a babbling brook. Their home and property are a haven for peace. It’s a two-plus hour ride to their home that doesn’t feel that long because I look so forward to my time with this great couple. When I arrive, the conversation seems to pick up right where we left it the last time we saw each other.

    July 29, 2014 1 Photo

  • Thanks for the honest deed
Weddings and Engagements
  • Poplin-Mooney Engagement Poplin-Mooney Engagement

    Mr. and Mrs. Louis Poplin of Norwood, N.C. announce the engagement of their daughter, Amanda Lauren Poplin, to Evan Clay Mooney, son of Mr. Clay Mooney of Asheville, N.C. and the late Mrs. Elaine Mooney.

    July 29, 2014 1 Photo

  • Austin-Lisk Wedding
Features
Regional
State & National News
linda-ronstadt.jpg

National Medal of Arts winner Linda Ronstadt grace the cover of many magazines during her career, including this Rolling Stone.

Facebook
Twitter Updates
Follow us on twitter