Business Description
Select Bancorp, Inc. was incorporated under the laws of the State of North
Carolina on May 14, 2003, at the direction of the Board of Directors of Select
Bank & Trust Company (formerly New Century Bank), for the purpose of serving
as the bank holding company for Select Bank & Trust Company and became the
holding company for Select Bank & Trust Company on September 19, 2003. To
become Select Bank & Trust Company’s holding company, the Registrant
received the approval of the Federal Reserve Board as well as Select Bank &
Trust Company’s shareholders. Upon receiving such approval, each outstanding
share of common stock of Select Bank & Trust Company was exchanged on a
one-for-one basis for one share of common stock of the Registrant. On July 25,
2014, New Century Bancorp, Inc. and New Century Bank adopted and changed their
names to Select Bancorp, Inc. and Select Bank & Trust Company, respectively.
This was in conjunction with the merger with “Legacy” Select Bancorp,
Inc. and Select Bank & Trust Company of Greenville, NC.
The Registrant operates for the primary purpose of serving as the holding company
for its subsidiary depository institution, Select Bank & Trust Company (the
“Bank”). The Registrant’s headquarters is located at 700 West
Cumberland Street, Dunn, North Carolina 28334.
The Bank was incorporated on May 19, 2000 as a North Carolina-chartered commercial
bank, opened for business on May 24, 2000, and is located at 700 West Cumberland
Street, Dunn, North Carolina.
The Bank operates for the primary purpose of serving the banking needs of individuals
and small to medium-sized businesses in its market area. The Bank offers a range
of banking services including checking and savings accounts, commercial, consumer,
mortgage and personal loans, and other associated financial services.
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