TRUSTATLANTIC BANK TO ACQUIRE RALEIGH OFFICE FROM HARRINGTON BANKFebruary 04, 2013—RALEIGH, N.C. – TrustAtlantic Bank (“TrustAtlantic”), headquartered in Raleigh, North Carolina, and Harrington Bank, FSB (“Harrington”), headquartered in Chapel Hill, North Carolina, today announced they have entered into a definitive agreement whereby TrustAtlantic would assume the deposits and purchase certain loans and related assets of Harrington’s banking office located at 1151 Falls River Avenue in north Raleigh. The office had deposit balances totaling approximately $27 million at December 31, 2012. The agreement has received approval from the Boards of Directors of both banks. Subject to required regulatory approvals and customary closing conditions, the transaction is anticipated to be completed during the second quarter of this year.
Upon completion of the branch acquisition, TrustAtlantic Bank will continue to operate the banking office in the same location in which Harrington has operated it since 2007 and anticipates retaining the staff of this office. TrustAtlantic will have 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.
“We look forward to welcoming to TrustAtlantic Bank the customers whose relationships Harrington so carefully cultivated at their Raleigh office,” stated James A. Beck, President and Chief Executive Officer of TrustAtlantic Bank. “We promise to continue to build upon those relationships with our own style of community banking. Moreover, we are excited to be able to add this additional facility for the convenience of our existing customers. The Falls River Town Center location is in the heart of a vibrant and growing housing area and will make us more accessible to businesses and individuals in north Raleigh and Wake Forest. We look forward to working with Larry Loeser and his capable team at Harrington Bank to ensure a smooth transition for all our customers.”
Lawrence T. Loeser, President and CEO of Harrington Bank, stated that, “This transaction makes great sense for both organizations and the customers of our Falls River branch in north Raleigh. We are confident that TrustAtlantic will continue to provide the high level of service to which those customers have become accustomed, delivered by the same excellent staff. It will further strengthen our organization and position us to support and grow our existing customer base. Harrington Bank is prepared to assist the team at TrustAtlantic Bank in providing a seamless transition for our Raleigh customers.”
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 $370 million in total assets, the bank currently has fifty-five employees who serve its customers through four banking offices in Greenville (1), Raleigh (2) 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 four branches located in Durham and Orange and Wake 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.