TrustAtlantic Financial Corporation Announces Regulatory ApprovalRaleigh, N.C.—December 10, 2006—TrustAtlantic Financial Corporation announced today that it has received approval from the Federal Reserve Bank of Richmond to become a bank holding company and to acquire Millennia Community Bank of Greenville, North Carolina. The companies have until March 6, 2007 to consummate the merger without further regulatory approval.
The company intends to operate as TrustAtlantic Bank with headquarters in Raleigh, and plans to expand Millennia's existing operation in Greenville. The company's current business plan calls for the addition of two to three new offices a year with its initial growth concentrated in the greater Wake County and Greenville markets. TrustAtlantic will focus primarily on the mid-market business sector and consumers.
In making the announcement, James A. Beck, President and Chief Executive Officer of TrustAtlantic Financial Corporation, said, "The action by the Federal Reserve represents a significant milestone for TrustAtlantic. The timely approval of our application is truly a testament to the strength of our management team and our board of directors. We can now focus on finalizing the Millennia acquisition and opening our first Raleigh office in early 2007."
About TrustAtlantic Financial Corporation:
Headquartered in Raleigh, North Carolina, TrustAtlantic Financial Corporation has entered into a definitive agreement to acquire Millennia Community Bank, in Greenville, North Carolina, which was approved by Millennia's shareholders on September 12, 2006. The bank's primary competitive focus will be to build broad financial relationships with mid-market businesses and their owners, professionals and other individuals who desire value-added service. The company anticipates operating branch offices in the greater Raleigh-Cary metro area, as well as Greenville, and may consider expansion into other growth areas of the state in the future.