FRANKLIN, N.C., Feb. 27, 2017 (GLOBE NEWSWIRE) -- Entegra Bank, the wholly-owned subsidiary of Entegra Financial Corp. (NASDAQ:ENFC) announced that it has completed the previously announced acquisition of two branches in Jasper, Georgia from Stearns Bank National Association, the wholly-owned subsidiary of Stearns Financial Services, Inc. (SFSI). Entegra acquired approximately $153 million in customer deposits.
Commenting on the transaction, Roger Plemens, President and Chief Executive Officer of Entegra, stated, “We are happy to welcome our new customers to the Entegra family as we expand our franchise into northern Georgia. We look forward to providing our customers with an expanded set of products and services from the same familiar faces they have come to know over the years. This transaction continues our strategy of leveraging our capital and building a strong deposit base in rural markets.”
In October 2016, Entegra entered into an agreement with Stearns Bank National Association to purchase the two branches. The acquired branches opened as Entegra Bank branches on the morning of February 27, 2017.
About Entegra Financial Corp.
Entegra Financial Corp. is the holding company of Entegra Bank. The Company’s shares began trading on the NASDAQ Global Market on October 1, 2014 under the symbol “ENFC”.
Entegra Bank operates a total of 17 branches located throughout the Western North Carolina counties of Cherokee, Haywood, Henderson, Jackson, Macon, Polk and Transylvania, Upstate South Carolina counties of Anderson, Greenville, and Spartanburg and Northern Georgia county of Pickens. The Company also operates loan production offices in Asheville, NC and Clemson, SC. For further information, visit the Company’s website www.entegrabank.com.
About Stearns Financial Services, Inc.
Stearns Financial Services Inc. (SFSI) is a $1.9 billion well-capitalized, independent financial holding company based in the Midwest. Founded in 1912, CEO Norm Skalicky has led SFSI since 1964. Stearns Bank continues to extend the foundation of excellence with bank locations in Minnesota, Arizona, and Florida.
Stearns specializes in nationwide small business lending and equipment financing with a history delivering outstanding customer service and the ability to deliver fast decisions with customized finance solutions. Our slogan says it all: We get the job done!
