Select Bancorp Receives Small Business Lending Fund Capital From US Department of Treasury

Aug 09, 2011, 14:36 ET from Select Bancorp

GREENVILLE, N.C., Aug. 9, 2011 /PRNewswire/ -- Select Bancorp ("Select"), the holding company for Select Bank & Trust Company, announced that it has received $7,645,000 of Small Business Lending Fund ("SBLF") capital from the US Department of Treasury as of today.  The SBLF is a voluntary program intended to encourage small business lending by providing capital to qualified community banks at favorable rates.  Select is one of the first North Carolina financial institutions selected to participate and one of the first to receive SBLF capital.

"The types of small business loans targeted by the SBLF program represent a significant portion of Select's loan portfolio," said Mark A. Holmes, President and CEO.  "We are proud of our seven year history of successful small business lending and we will continue using a common sense approach to banking in supporting our local business community through these difficult economic times."

Select Bank & Trust is a community bank headquartered in Greenville, NC and serves Greenville/Pitt County through its headquarters office at 3600 Charles Boulevard, a second Greenville location at 3800 East Tenth Street, Elizabeth City/Northeastern North Carolina from 104 Nance Court just off Halstead Boulevard and Washington/Beaufort County from 155 North Market Street, Suite 103 in downtown Washington.

Keywords: Select Bancorp, Select Bank & Trust, community banking, common sense

This news release contains forward-looking statements. Actual results may differ materially from those projected, for various reasons, including our ability to manage growth, our limited operating history, substantial changes in financial markets, regulatory changes, changes in interest rates, loss of deposits and loan demand to other savings and financial institutions, and changes in real estate values and the real estate market.

SOURCE Select Bancorp