Published Nov. 5, 2015
Entegra Bank is opening a branch in Greenville, its first in South Carolina, and the Franklin, N.C.-based bank company is moving ahead with acquisitions of Arthur State Bank branches in Anderson and Chesnee. Jimmy Kimbell, Entegra’s S.C. marketing director, said a “soft opening” of the branch at 501 Roper Mountain Road is planned later this month.
Entegra Financial Corp. is the holding company of Entegra Bank and has operated a loan production office in Greenville since early this year, Kimbell said.
An August statement said the two Arthur State branches have about $42 million in deposits and $9 million in loans and a deposit premium of about 2.87% is part of the deal. When the transaction is completed, Entegra is expected to have about $1 billion in assets, $591 million in loans and $735 million in deposits.
J. Carlisle Oxner III, president and CEO of Union-based Arthur State Bank, said previously that the transaction “allows Arthur State Bank to return to a well capitalized capital position without dilution to our shareholders. Arthur State Bank will continue to be a viable financial institution in the Midlands and Upstate of South Carolina.”
Entegra, previously Macon Bank, has said all employees at both branch locations are being retained. The bank operates branches across western North Carolina, in Cherokee, Henderson, Jackson, Macon, Polk and Transylvania counties.