Oldtown Bank was merged into Entegra Bank. Entegra will continue to operate Oldtown’s office under the Oldtown Bank name until a system conversion is completed in August 2016.
Roger D. Plemens, President and CEO of Entegra commented, "We are excited to enter the Waynesville community and welcome the customers and employees of Oldtown to Entegra Bank. We look forward to providing our new customers with an enhanced set of products and expanded branch network.
"This acquisition illustrates our previously communicated strategy of selective expansion into contiguous markets and seeking acquisition opportunities with reasonable earn back periods that are accretive to earnings and return on equity."
Shareholders of Oldtown will receive a cash payment equal to eleven dollars and five cents ($11.05) in exchange for each share of Oldtown common stock held immediately prior to the effective time of the merger.
The aggregate merger consideration paid by Entegra is approximately $13.5 million, which includes the cash-out of in-the-money stock options. Entegra did not issue any shares of its common stock in connection with the merger.
Effective upon the consummation of the merger, Charles D. Umberger, President and Chief Executive Officer of Oldtown, became Executive Vice President and Chief Lending Officer of Entegra Bank. Roger D. Plemens stated, "We are thrilled to add Charles to our executive management team as he brings a wealth of banking and lending knowledge with him and will help drive continued loan growth in all of our markets."
