CommunityOne to Buy N.C. Branch from CertusBank

By Paul Davis March 31, 2015, 5:36 p.m. EDT 1 Min Read

CommunityOne Bancorp in Charlotte, N.C., has agreed to buy a branch in Lenoir, N.C., from CertusBank.

The $2.2 billion-asset CommunityOne also agreed to buy all customer deposits at CertusBank's western North Carolina branches. The company did not disclose the price it will pay for the branch. The transaction is expected to close in the second quarter.

The branches had $68.1 million in deposits, based on June 2014 data from the Federal Deposit Insurance Corp.

CertusBank, which also agreed to sell a branch in Charlotte to Aquesta Bank, is planning to sell all of its North Carolina branches.

"This purchase will allow us to expand our presence in an important market for our bank and provide our customers from CertusBank with expanded products and services and the convenience of" 11 other branches in the area, Bob Reid, CommunityOne's president and chief executive, said in a press release Tuesday.

Sandler O'Neill and Keefe, Bruyette & Woods advised CertusBank, while Nelson Mullins Riley & Scarborough served as the bank's legal counsel.

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