Acquisition keeps Norlina bank open

Feb. 06, 2014 @ 05:54 PM

NORLINA — Union Bank and Trust Company of Oxford has acquired the Norlina branch of Southern Bank.

The announcement was made recently by the two banks’ chief executive officers, Thomas Combs of Union and Grey Morgan of Southern.

According to a statement, Union purchased most of the loans and assumed all deposits of Southern’s branch in Norlina, which is located at 139 Hyco Street. Regulatory approval has yet to be granted in order to finalize the deal. Once done, the deal would go through in the second quarter of the calendar year.

Employees of the Norlina office will be retained by Union Bank.

The agreement came in the wake of Southern’s announcement to close the Norlina office.

Union Bank opened in 2006 and has additional offices in Henderson, Louisburg, Youngsville, Roxboro and Creedmoor. Loan production offices are located in Cary and Raleigh.

Southern Bank has more than 70 branches in North Carolina and Virginia.