Entegra Financial Corp. Announces Expected Closing Date of Chattahoochee Acquisition


FRANKLIN, N.C., Sept. 06, 2017 (GLOBE NEWSWIRE) -- Entegra Financial Corp. (NASDAQ:ENFC), the parent holding company of Entegra Bank, today announced that it has received regulatory approval from the Federal Deposit Insurance Corporation and the North Carolina Commissioner of Banks to acquire Chattahoochee Bank of Georgia. The transaction, which was initially announced on June 27, 2017, remains subject to customary closing conditions, including approval by the shareholders of Chattahoochee. Chattahoochee’s special meeting of shareholders is scheduled for September 27, 2017. Subject to the foregoing, Entegra expects to close on its acquisition of Chattahoochee on or about October 1, 2017.

In December 2015, Entegra acquired two branches in South Carolina from Arthur State Bank. In the second quarter of 2016, Entegra completed its first whole bank acquisition when it acquired Oldtown Bank of Waynesville, North Carolina. Earlier this year, Entegra completed the acquisition of two branches in Jasper, Georgia from Stearns Bank National Association.

About Entegra Financial Corp.

Entegra Financial Corp. with total assets of $1.4 billion at June 30, 2017, is headquartered in Franklin, North Carolina and is the holding company of Entegra Bank. Entegra’s shares trade on the NASDAQ Global Market 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, the Upstate South Carolina counties of Anderson, Greenville, and Spartanburg and the northern Georgia county of Pickens. The Bank also operates loan production offices in Asheville, North Carolina and Clemson, South Carolina. For further information, visit the Bank’s website www.entegrabank.com.

About Chattahoochee Bank of Georgia

Chattahoochee was founded in 2008 and provides commercial banking services through its banking office in Gainesville, Georgia and loan production office in Duluth, Georgia. For further information, visit the Bank’s website www.chattahoocheebank.com

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