CertusBank, N.A., of Easley, S.C., acquired the deposits of Parkway Bank in Lenoir, N.C., after it was closed Friday by the N.C. Office of the Commissioner of Banks, according to a news release.
NCCOB named the Federal Deposit Insurance Corporation as receiver of Parkway. The FDIC entered into a purchase and assumption agreement with Certus to assume all of Parkway's deposits.
Parkway's deposits will continue to be insured up to $250,000 by the FDIC, so there is no need for customers to change their existing banking relationship to retain their deposit insurance coverage.
Parkway's branches in Granite Falls and Hudson, N.C., will reopen Monday as branches of Certus with no disruption to customer services. Depositors of Parkway will automatically become depositors of Certus and can continue to write checks and use current debit cards. Checks drawn on the bank will continue to be processed and loan customers should continue making payments as usual until notified by Certus.
As of March 31, Parkway had approximately $109.6 million in total assets and $104.7 million in total deposits. In addition to assuming all of the deposits of Parkway, Certus agreed to purchase approximately $99.2 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.