CertusBank, N.A. Assumes Deposits and Purchases Assets of Parkway Bank Parkway Bank is now CertusBank®
GREENVILLE, S.C., April 26, 2013 /PRNewswire/ -- CertusHoldings, Inc., announced today that its wholly owned subsidiary, CertusBank, N.A., a nationally chartered bank, has assumed the deposits and certain other liabilities and purchased certain related assets of Parkway Bank, headquartered in Lenoir, North Carolina, in a Purchase and Assumption Agreement with the Federal Deposit Insurance Corporation (FDIC).
At the close of business on Friday, April 26, 2013, Parkway Bank was closed by the North Carolina Office of the Commissioner of Banks, and the FDIC was appointed Receiver. Simultaneously, CertusBank assumed the deposits and certain other liabilities and purchased certain related assets of the bank.
To protect deposits, customers will automatically become depositors of CertusBank. All locations of Parkway Bank will be open during normal business hours, and customers will have full access to their deposits. All customer deposits continue to be insured up to $250,000 under the FDIC's general deposit insurance rules. Customers and other interested stakeholders can learn more about the terms of the transaction by contacting the FDIC toll free at 1.877.ASK.FDIC or at fdic.gov.
K. Angela Webb, President of CertusBank, commented, "We are pleased to welcome the customers of Parkway Bank to CertusBank. We pride ourselves on caring for our customers, and we want to assure Parkway Bank customers that their deposits are safe and accessible. Existing checks, debit cards, ATM cards and online banking and bill pay services will continue to work, allowing customers to access their money without interruption. Checks drawn on the bank will continue to be processed as usual and loan customers should continue to make their payments as they do today."
CertusBank representatives will be at Parkway Bank's three branches to assist customers with questions. For their convenience, customers may also visit CertusBank.com for answers to many common questions, or call a representative at 1.800.596.7100. In addition, deposit customers will receive a letter providing additional details concerning their accounts within seven days.
As a result of this transaction, CertusBank expands its existing footprint across North Carolina and maintains its assets at $1.8 billion.
Parkway Bank of Lenoir, North Carolina operates three branch locations with assets of $110 million at the time of its closure by the FDIC. There is no loss-share arrangement with the FDIC with respect to this transaction.
In January 2011, CertusBank acquired certain assets of CommunitySouth Bank & Trust of Easley, South Carolina through a transaction with the FDIC. In May 2011, CertusBank also acquired certain assets of First Georgia Banking Company and Atlantic Southern Bank. More recently in November of 2012, CertusBank acquired Hometown Community Bank of Braselton, GA. Today CertusBank has presence in 10 states and operates 32 branches in the Carolinas, Florida, and Georgia.
CertusBank co-CEO Walter L. Davis, who has a lengthy background in managing banking operations in North Carolina expanded on the company's position, "We have a corporate commitment to help grow the communities we serve, and we are excited to bring CertusBank's strength and passion for the customer to these North Carolina markets."
CertusBank is building a strong, sustainable, best-in-class banking franchise focused on delivering an unparalleled experience. The company has the management know-how and long-term capital support to be a leader in providing financial products and services. Additionally, CertusBank seeks to drive economic growth and stability in the markets served by the company. Learn more about CertusBank by going to CertusBank.com.
Executive Vice President
SOURCE CertusHoldings, Inc.