CCB Financial Corporation and Security Capital Bancorp Receive Regulatory Approval for Merger

Strategic Insights -

CCB Financial Corporation, a major bank holding company, and Security Capital Bancorp, a $1.2 billion bank holding company, have jointly announced that they have received the necessary approvals from federal and state regulators for their proposed merger. The merged entity will have assets of over $4.7 billion, making it North Carolina's seventh-largest bank, serving over 50% of the state's population, and holding the fourth-largest market share in Charlotte, the state's largest city. The merger is expected to be completed in mid-May, 1995.

Key Takeaways:

  • CCB Financial Corporation and Security Capital Bancorp have received regulatory approval for their proposed merger.
  • The merged entity will have assets of over $4.7 billion, making it North Carolina's seventh-largest bank.
  • The bank will serve over 50% of the state's population and hold the fourth-largest market share in Charlotte.
  • The merger is expected to be completed in mid-May, 1995.
  • The merged bank will have 112 offices in North Carolina, operating under the Central Carolina Bank and other subsidiaries.
  • CCB's primary banking subsidiary, Central Carolina Bank and Trust Company, will acquire subsidiaries from SCBC, including Security Capital Bank and OMNIBANK, SSB.
  • The proposed merger will be submitted to shareholders for approval on March 16th.
  • Ernest C. Roessler, CCB's President and CEO, stated that the merger will provide "many opportunities" for the bank.
  • David B. Jordan, SCBC's Vice-Chairman and CEO, expressed excitement about the merger and its potential for enhanced market share and financial resources.

Statistics:

  • The merged entity will have assets of over $4.7 billion.
  • CCB will have a market share of over 50% in North Carolina and 51% in Charlotte.
  • The merged bank will have 112 offices across North Carolina.
  • SCBC has $1.2 billion in assets and operates 43 offices in 27 communities.
  • The merger involves acquiring three offices from First Union National Bank, with deposits totaling approximately $50 million.

Sources:

  • CCB Financial Corporation (Nasdaq: CCBF)
  • Security Capital Bancorp (Nasdaq: SCBC)
  • PR Newswire, February 24, 1995

(/PRNewswire/ -- CCBF SCBC)