PB Financial in Rocky Mount, N.C., which recently raised capital, has agreed to buy Coastal Bank & Trust in Jacksonville, N.C.
The $879 million-asset PB Financial said in a press release that it will pay $25.8 million in cash and stock for the $206 million-asset Coastal. The deal is expected to close in the second quarter.
The acquisition “unites two community banks that have a shared vision for personal service, where customers and bankers know and appreciate each other,” Ted Whitehurst, PB Financial’s president and CEO, said in the release.
“Businesses and individuals alike value the speed and efficiency of having their banking decisions made locally by people who know and love the communities they serve,” he added.
Richard Jefferson, Coastal’s president and CEO, will remain in a senior-level position, and one Coastal director will join PB Financial’s board. All Coastal employees will be offered positions at PB Financial.
PB Financial earlier this month raised $7.4 million through a private placement of common stock.
Janney Montgomery Scott and Wyrick Robbins Yates & Ponton advised PB Financial. The Burke Group and Ward and Smith advised Coastal.