North Carolina group switches plan from de novo to M&A

The group behind a recently scrapped de novo in the Southeast has struck a deal to buy a community bank with operations in North Carolina, South Carolina and Virginia.

Winston-Salem Banking Group said in June that it had withdrawn its application to start Community Bank of the Carolinas. At the time, the group said it would instead pursue a partnership with, or acquisition of, a bank.

In a Friday press release, Skip Brown, an executive at Winston-Salem Banking Group, said it had signed a letter of intent to purchase a bank. He said the name of the bank and terms of the transaction would be announced in a release after the parties sign a definitive agreement, which should happen in the next seven to 10 days.

Brown, who would become CEO of the institution, said the bank is profitable and has assets of about $100 million.