Wednesday, August 4, 2021

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New Republic Bank in Burlington changes ownership

New ownership of a bank in Burlington may cause some confusion because of the similarity in name with another bank located less than a mile away.

Select Bank Financial Corporation in Virginia has bought the branch operated at 166 Huffman Mill Road in Burlington, formerly known as New Republic Bank.  The new location will be known as mySelect Bank, which will be a division of Select Bank Virginia.

Meanwhile, Select Bank & Trust (with no “my” preceding it), located at 3158 South Church Street, is owned by Select Bancorp Inc., headquartered in Dunn, which is the holding company for Select Bank & Trust. That location has been operating in the area at a couple of locations (now consolidated at 3158 South Church Street) for several years.

Adding to the potential confusion is that the market president for mySelect Bank was once associated with Select Bank & Trust’s Burlington office.  Don Jennings, mySelect Bank’s market president, said of the new affiliation of the Burlington location: “We are excited about the opportunity to join the mySelect Bank team and their relationship-based banking approach.  Our ability to serve our customers and this vibrant community has been greatly enhanced by the expanded product menu and local decision making we are now able to offer.”

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Lynchburg-based Select Bank’s president, J. Michael Thomas, said the corporate office “is excited about the opportunity to grow our banking network further into the North Carolina market, where the bank currently operates a loan production office in Asheboro.

“We look forward to welcoming the Burlington office customers to mySelect Bank.  For our current customers in the North Carolina market, this additional location will enhance the ease of banking with us.”

Meanwhile, New Republic Bank, headquartered in Roanoke Rapids, will continue to operate under its own name in that market; only the Burlington office was involved in the sale to Select Bank Virginia.

As of the end of March, Select Bank – Virginia reported unaudited total assets of $379 million, loans of $298 million, and deposits of$300 million.

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