Mergers & Acquisitions
By The Online Investor Staff, updated Sat., Apr. 20, 5:43 AM
| This Slide: #60 of 100 |
Slide #60. PB Financial Corporation — Coastal Bank & Trust
Acquirer:
PB Financial Corporation (PBNC)
Acquiree:
Coastal Bank & Trust
Details:
PB Financial Corporation (OTCQX:PBNC) - ("PB Financial"), the holding company for Providence Bank ("Providence"), and Coastal Bank & Trust ("Coastal") completed the merger transaction previously announced on August 30, 2023. Coastal merged into Providence, creating a community bank with approximately $1.2 billion in assets. Based on financial information as of December 31, 2023, the combined company has total loans of $996.6 million and total deposits of $1.0 billion.
Paragon Commercial is a bank holding company. Through its subsidiary, Paragon Commercial Bank (the Bank), Co. is engaged in general commercial banking in Wake and Mecklenburg Counties, NC. Co. also owns two statutory business trusts, Paragon Commercial Capital Trust I and II, to facilitate the issuance of trust preferred securities. The Bank has two subsidiaries, PCB Trustee, Inc. and Mayberry Real Estate Holdings, LLC. Co. provides a range of short- to medium-term commercial, construction, mortgage, and personal loans, both secured and unsecured. Co. provides courier services to its business customers. As of Dec 31 2016, Co. had total assets of $1.50 billion and deposits of $1.17 billion.
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