SALISBURY — Community Bank of Rowan’s majority owner is proposing to merge the bank into VantageSouth Bank, which is based in Burlington, according to a press release.
If government regulators and VantageSouth shareholders approve, Community Bank of Rowan would become part of the restructured VantageSouth Bank, the statement released by Piedmont Community Bank Holdings said.
Piedmont Community Bank Holdings of Raleigh concluded the purchase of Community Bank of Rowan in April. In 2010, it bought 62 percent of VantageSouth’s shares and has a pending agreement to buy the rest, the press release said.
If approved, the merger will be completed by the end of the year.
After the merger, VantageSouth would be the “surviving bank” with members of both banks’ boards of directors serving on a consolidated board and executives from both on the management team of the new financial institution.
Piedmont Community Bank Holdings will own substantially all the voting stock in the new bank.
Formed in February 2006, Community Bank of Rowan has branches in Salisbury and China Grove. As of June 30, it had about $145 million in assets, $124 million in deposits and $17 million in equity. For more information, visit www.communitybankofrowan.com
VantageSouth has two locations in Burlington. As of June 30, the bank had approximately $91 million in assets, $73 million in deposits, and $9 million in equity. For more information, visit www.vantagesouth.com