TrustAtlantic Bank Completes Acquisition of Raleigh Office From Harrington BankMay 27, 2013—RALEIGH, N.C. – TrustAtlantic Bank (“TrustAtlantic”), headquartered in Raleigh, North Carolina, has completed its acquisition of the Raleigh banking office of Chapel Hill-based Harrington Bank, FSB (“Harrington”). The transaction, in which TrustAtlantic assumed the deposits and purchased certain loans and related assets of Harrington’s banking office located at 1151 Falls River Avenue in north Raleigh, was completed Friday, May 17, 2013. The office re-opened Monday as a full service banking office of TrustAtlantic Bank.
In addition to acquiring these loans and deposits and the branch facility that has been in operation since 2007, TrustAtlantic retained the staff of this office, including Nicole Treadwell, who has been named Assistant Branch Manager. Jim Duncan also joined TrustAtlantic from Harrington and will continue to serve as a Senior Commercial Relationship Officer. Matt Hilliard has been named Branch Manager, after having served in a similar position for First Citizens Bank in a nearby location. After the addition of this new facility, TrustAtlantic now has five full service banking offices, including four in Wake County. Harrington Bank will have three remaining full service banking offices, all in Chapel Hill, North Carolina.
“All of us at TrustAtlantic Bank wish to extend a hearty welcome to our new customers and employees that have joined us as a result of this transaction,” stated James A. Beck, President and Chief Executive Officer of TrustAtlantic Bank. “We know that Harrington Bank took great care of these customers and we will support our new associates in making sure that tradition continues.”
Lawrence T. Loeser, President and CEO of Harrington Bank, stated that, “After working closely with TrustAtlantic’s dedicated transition team, we are highly impressed with the professionalism of that organization. We at Harrington Bank are pleased to turn our customers over to the competent care of the TrustAtlantic Bank staff.”
About TrustAtlantic Bank: Headquartered in Raleigh, North Carolina, TrustAtlantic Bank is the wholly owned subsidiary of TrustAtlantic Financial Corporation. The bank’s primary competitive focus is to build broad financial relationships with mid-market businesses and their owners, professionals and other individuals who desire value-added service. With approximately $400 million in total assets, the bank currently has sixty employees who serve its customers through five banking offices in Greenville (1), Raleigh (3) and Cary (1). The bank’s website is www.trustatlantic.com.
About Harrington Bank: Headquartered in Chapel Hill, North Carolina, Harrington Bank is the wholly owned subsidiary of Community First Financial Group. Harrington was founded in 1999 and is a full service community bank serving individuals and small businesses in the greater Research Triangle area. The bank offers a wide range of deposit, mortgage, home equity and small business loan services from its three branches located in Durham and Orange counties. The bank’s website is www.harringtonbank.com.
All statements other than statements of historical facts contained in this press release are forward-looking statements. Forward-looking statements made in this press release reflect beliefs, assumptions and expectations of future events or results, taking into account the information currently available. These beliefs, assumptions and expectations may change as a result of many possible events, circumstances or factors, not all of which are currently known. If a change occurs, our institutions’ respective financial condition, liquidity, results of operations and prospects may vary materially from those expressed in, or implied by, the forward-looking statements. Accordingly, you should not place undue reliance on these forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by these forward-looking statements include the ability to obtain required regulatory approval; the ability to complete the transaction as expected and within the expected timeframe; the possibility that one or more conditions to the completion of the transaction may not be satisfied; any event that could give rise to a termination of the purchase and assumption agreement. Except as required by applicable law or regulations, neither TrustAtlantic Financial Corporation nor Community First Financial Group undertake, and each specifically disclaims, any obligation, to update or revise any forward looking statement.