Centura Bank
Encyclopedia
Centura Bank was a bank
headquartered in Rocky Mount, North Carolina
from 1990, when Peoples Bancorp and Planters Corp. merged, to 2001, when Royal Bank of Canada
acquired the company and changed its name to RBC Centura
.
was the architect. In 1934, the bank changed its name to People's Bank and Trust. The People's Building served as the bank's headquarters until the mid-1970s. It remained empty after the bank left until Selp-Help Ventures Fund bought the building in 2000 to convert to office space.
Robert L. Mauldin became chairman of Peoples Bancorp in 1984. When he first went to work for Peoples in 1969, it had 22 branches and $100 million.
Peoples Bancorp had $1.26 billion in assets when the bank announced its merger in 1990.
Archie W. McLean served as the president and chief executive of Planters from 1950 until 1971, when he became chairman. When he retired in 1974, Planters was the state's tenth largest bank.
In 1985, Planters had assets of $620 million and 52 locations in 19 communities in the eastern part of the state when it announced the $10.1 million acquisition of Bank of Pilot Mountain
, with $50.9 million in assets and two locations.
In 1990, Planters had $1.17 billion in assets.
. When the two banks' chiefs, Dick Futrell of Planters and Mauldin of Peoples, announced the deal January 16, 1990, they said in a statement, "This is probably the most logical bank merger in North Carolina history." The merged banking company had $2.6 billion in assets and 116 branches and was the state's seventh-largest. Centura Bank had 102 branches; the holding company also owned Watauga
Savings and Loan Association, Inc. in Boone, North Carolina
and Mid-South Bank and Trust Company in Sanford, North Carolina
. Over 700 employees worked in Rocky Mount. However, the two banks had very different cultures and the combination did not come easily. Planters was "old money" with "top down" decision making, while Peoples was "the town's common folk". Though Futrell led Centura, the merged bank had the Peoples culture. Completing the merger required some the sale of some branches. Unity Bank and Trust, started in 1989, bought eleven branches, giving the bank a total of twelve, and assets of $133 million.
In 1990, Centura had $178 million in market capitalization. This increased to $1.1 billion by 1997 when Mauldin retired. The bank had $6.3 billion in assets.
Futrell remained on the board of directors, and Mauldin became Centura chairman in 1993. Cecil Sewell Jr., Peoples Bancorp president starting in 1989 and later Centura's president, succeeded Mauldin as chairman in 1997. Centura used the former Planters headquarters, while the Poyner & Spruill law firm took over the 25-year-old 42,000-square-foot former Peoples building in 1991.
In 1991, Centura took over Watauga Savings, and Citizens Federal Savings and Loan in Rutherfordton, North Carolina
. In 1992, Centura took over First Federal Savings Association in Raleigh, North Carolina
. In 1993, Centura took over Orange
Federal Savings Bank in Chapel Hill, North Carolina
; Brevard Federal Savings and Loan Association in Brevard, North Carolina
; Granite Savings Bank in Granite Falls, North Carolina
; First American Federal Savings Bank in Greensboro, North Carolina
; First Savings Bank in Forest City, North Carolina
; First Charlotte Bank in Charlotte, North Carolina
; Canton Savings Bank in Canton, North Carolina
and Robeson
Savings Bank in Lumberton, North Carolina
.
In 1994, Centura took over Sewell's former home of Mid-South Bank.
In 1995, Centura took over Cleveland
Federal Bank in Shelby, North Carolina
and First Southern Savings Bank in Asheboro, North Carolina
and First Commercial Bank in Asheville, North Carolina
. In 1996 Centura took over First Community Bank in Gastonia, North Carolina
and First South Bank in Burlington, North Carolina
.
In 1998, Centura entered South Carolina
for the first time by taking over Pee Dee State Bank in Timmonsville, South Carolina
.
In 1999, Centura took over Scotland
Savings Bank in Laurinburg, North Carolina. Also, already In Virginia
, Centura added First Coastal Bank in Virginia Beach.
In 2000, Centura took over Triangle Bancorp in Raleigh and Bank of Mecklenburg
in Charlotte.
On January 26, 2001, Canada
's largest bank, Royal Bank of Canada
, announced a $2.3 billion deal to acquire Centura, which had $11.5 billion in assets and 246 branches. The bank's name would change to RBC Centura, and the headquarters would remain in Rocky Mount.
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
headquartered in Rocky Mount, North Carolina
Rocky Mount, North Carolina
Rocky Mount is an All-America City Award-winning city in Edgecombe and Nash counties in the coastal plains of the state of North Carolina. Although it was not formally incorporated until February 28, 1867, the North Carolina community that became the city of Rocky Mount dates from the beginning of...
from 1990, when Peoples Bancorp and Planters Corp. merged, to 2001, when Royal Bank of Canada
Royal Bank of Canada
The Royal Bank of Canada or RBC Financial Group is the largest financial institution in Canada, as measured by deposits, revenues, and market capitalization. The bank serves seventeen million clients and has 80,100 employees worldwide. The company corporate headquarters are located in Toronto,...
acquired the company and changed its name to RBC Centura
RBC Bank
RBC Bank, formerly Centura Banks, is the United States retail banking division of the Royal Bank of Canada. The headquarters for the bank are located in Raleigh, North Carolina. Banking centers and automated teller machines are located throughout the Southeastern United States...
.
History of Peoples Bank
In 1918, the 22,000-square foot, five-story headquarters of Rocky Mount National Bank, the historic district's tallest building, was built in Rocky Mount. Frank Pierce MilburnFrank Pierce Milburn
Frank Pierce Milburn was a prolific architect of the late 19th and early 20th centuries. While Milburn designed commercial buildings and residences, his practice was primarily focused on public buildings, particularly courthouses and legislative buildings...
was the architect. In 1934, the bank changed its name to People's Bank and Trust. The People's Building served as the bank's headquarters until the mid-1970s. It remained empty after the bank left until Selp-Help Ventures Fund bought the building in 2000 to convert to office space.
Robert L. Mauldin became chairman of Peoples Bancorp in 1984. When he first went to work for Peoples in 1969, it had 22 branches and $100 million.
Peoples Bancorp had $1.26 billion in assets when the bank announced its merger in 1990.
History of Planters Bank
Planters Bank started in 1899.Archie W. McLean served as the president and chief executive of Planters from 1950 until 1971, when he became chairman. When he retired in 1974, Planters was the state's tenth largest bank.
In 1985, Planters had assets of $620 million and 52 locations in 19 communities in the eastern part of the state when it announced the $10.1 million acquisition of Bank of Pilot Mountain
Pilot Mountain, North Carolina
Pilot Mountain is a town in Surry County, North Carolina, United States. The population was 1,477 at the 2010 census. It is named for the nearby landmark of Pilot Mountain, a distinctive geological formation...
, with $50.9 million in assets and two locations.
In 1990, Planters had $1.17 billion in assets.
History of Centura Bank
A "merger of equals" created Centura Banks. Inc. in 1990. The name Centura came from Glenn Monigle & Associates Inc. of Denver, ColoradoDenver, Colorado
The City and County of Denver is the capital and the most populous city of the U.S. state of Colorado. Denver is a consolidated city-county, located in the South Platte River Valley on the western edge of the High Plains just east of the Front Range of the Rocky Mountains...
. When the two banks' chiefs, Dick Futrell of Planters and Mauldin of Peoples, announced the deal January 16, 1990, they said in a statement, "This is probably the most logical bank merger in North Carolina history." The merged banking company had $2.6 billion in assets and 116 branches and was the state's seventh-largest. Centura Bank had 102 branches; the holding company also owned Watauga
Watauga County, North Carolina
-Demographics:As of the census of 2000, there were 42,695 people, 16,540 households, and 9,411 families residing in the county. The population density was 137 people per square mile . There were 23,155 housing units at an average density of 74 per square mile...
Savings and Loan Association, Inc. in Boone, North Carolina
Boone, North Carolina
Boone is a town located in the Blue Ridge Mountains of western North Carolina, United States. Boone's population was reported as 17,122, as of 2010...
and Mid-South Bank and Trust Company in Sanford, North Carolina
Sanford, North Carolina
Sanford is a city in Lee County, North Carolina, United States. The population was 23,220 at the 2000 census. It is the county seat of Lee County.-Geography:Sanford is located at ....
. Over 700 employees worked in Rocky Mount. However, the two banks had very different cultures and the combination did not come easily. Planters was "old money" with "top down" decision making, while Peoples was "the town's common folk". Though Futrell led Centura, the merged bank had the Peoples culture. Completing the merger required some the sale of some branches. Unity Bank and Trust, started in 1989, bought eleven branches, giving the bank a total of twelve, and assets of $133 million.
In 1990, Centura had $178 million in market capitalization. This increased to $1.1 billion by 1997 when Mauldin retired. The bank had $6.3 billion in assets.
Futrell remained on the board of directors, and Mauldin became Centura chairman in 1993. Cecil Sewell Jr., Peoples Bancorp president starting in 1989 and later Centura's president, succeeded Mauldin as chairman in 1997. Centura used the former Planters headquarters, while the Poyner & Spruill law firm took over the 25-year-old 42,000-square-foot former Peoples building in 1991.
In 1991, Centura took over Watauga Savings, and Citizens Federal Savings and Loan in Rutherfordton, North Carolina
Rutherfordton, North Carolina
Rutherfordton is a town in Rutherford County, North Carolina, United States. The population was 4,131 at the 2000 census. It is the county seat of Rutherford County.-Geography:Rutherfordton is located at ....
. In 1992, Centura took over First Federal Savings Association in Raleigh, North Carolina
Raleigh, North Carolina
Raleigh is the capital and the second largest city in the state of North Carolina as well as the seat of Wake County. Raleigh is known as the "City of Oaks" for its many oak trees. According to the U.S. Census Bureau, the city's 2010 population was 403,892, over an area of , making Raleigh...
. In 1993, Centura took over Orange
Orange County, North Carolina
Orange County is a county located in the U.S. state of North Carolina. As of the 2010 census, the population was 133,801. Its county seat is Hillsborough...
Federal Savings Bank in Chapel Hill, North Carolina
Chapel Hill, North Carolina
Chapel Hill is a town in Orange County, North Carolina, United States and the home of the University of North Carolina at Chapel Hill and UNC Health Care...
; Brevard Federal Savings and Loan Association in Brevard, North Carolina
Brevard, North Carolina
Brevard is a town in Transylvania County, North Carolina, United States. The 2005 population estimate by the United States Census Bureau was 6,643. It is the county seat of Transylvania County....
; Granite Savings Bank in Granite Falls, North Carolina
Granite Falls, North Carolina
Granite Falls is a town in Caldwell County, North Carolina, United States. The population was 4,612 at the 2000 census. It is part of the Hickory–Lenoir–Morganton Metropolitan Statistical Area.-Geography:...
; First American Federal Savings Bank in Greensboro, North Carolina
Greensboro, North Carolina
Greensboro is a city in the U.S. state of North Carolina. It is the third-largest city by population in North Carolina and the largest city in Guilford County and the surrounding Piedmont Triad metropolitan region. According to the 2010 U.S...
; First Savings Bank in Forest City, North Carolina
Forest City, North Carolina
Forest City, formerly known as "Burnt Chimney," is a town in Rutherford County, North Carolina, United States. The population was 7,549 as of the 2000 census.-Geography:Forest City is located at ....
; First Charlotte Bank in Charlotte, North Carolina
Charlotte, North Carolina
Charlotte is the largest city in the U.S. state of North Carolina and the seat of Mecklenburg County. In 2010, Charlotte's population according to the US Census Bureau was 731,424, making it the 17th largest city in the United States based on population. The Charlotte metropolitan area had a 2009...
; Canton Savings Bank in Canton, North Carolina
Canton, North Carolina
Canton is the second largest town in Haywood County, North Carolina, United States. It is located about west of Asheville, North Carolina and is part of the Asheville Metropolitan Statistical Area. The town is named after the city of Canton, Ohio.- History :...
and Robeson
Robeson County, North Carolina
Robeson County is a county in the U.S. state of North Carolina. As of 2010 it had a population of 134,168. Since then, it has been one of the 10% of United States counties that were majority-minority; its combined population of American Indian, African American and Latino residents comprise over...
Savings Bank in Lumberton, North Carolina
Lumberton, North Carolina
Lumberton is a city in Robeson County, North Carolina, United States. The population was 20,795 at the 2000 census. It is the county seat of Robeson County. Lumberton, located in southern North Carolina's Inner Banks region, is located on the Lumber River...
.
In 1994, Centura took over Sewell's former home of Mid-South Bank.
In 1995, Centura took over Cleveland
Cleveland County, North Carolina
-Demographics:As of the census of 2010, there were 98,078 people, 37,046 households, and 27,006 families residing in the county. The population density was 207 people per square mile . There were 40,317 housing units at an average density of 87 per square mile...
Federal Bank in Shelby, North Carolina
Shelby, North Carolina
Shelby is a city in Cleveland County, North Carolina, United States. The population was 19,477 at the 2000 census. It is the county seat of Cleveland County.-Geography:Shelby is located at ....
and First Southern Savings Bank in Asheboro, North Carolina
Asheboro, North Carolina
Asheboro is a city in Randolph County, North Carolina, United States. The population was 21,672 at the 2000 census. It is the county seat of Randolph County, and is the home of the state-owned North Carolina Zoo.-Geography:...
and First Commercial Bank in Asheville, North Carolina
Asheville, North Carolina
Asheville is a city in and the county seat of Buncombe County, North Carolina, United States. It is the largest city in Western North Carolina, and the 11th largest city in North Carolina. The City is home to the United States National Climatic Data Center , which is the world's largest active...
. In 1996 Centura took over First Community Bank in Gastonia, North Carolina
Gastonia, North Carolina
Gastonia is the largest city and county seat of Gaston County, North Carolina, United States. It is also the third largest suburb of the Charlotte Area, behind Concord and Rock Hill. The population was 71,226 as of Gastonia is the largest city and county seat of Gaston County, North Carolina,...
and First South Bank in Burlington, North Carolina
Burlington, North Carolina
Burlington is a city in Alamance and Guilford counties in the U.S. state of North Carolina. It is the principal city of the Burlington, North Carolina Metropolitan Statistical Area which encompasses all of Alamance County, in which most of the city is located. The population was 49,963 at the 2010...
.
In 1998, Centura entered South Carolina
South Carolina
South Carolina is a state in the Deep South of the United States that borders Georgia to the south, North Carolina to the north, and the Atlantic Ocean to the east. Originally part of the Province of Carolina, the Province of South Carolina was one of the 13 colonies that declared independence...
for the first time by taking over Pee Dee State Bank in Timmonsville, South Carolina
Timmonsville, South Carolina
Timmonsville is a town in Florence County, South Carolina, United States. The population was 2,315 at the 2000 census. It is part of the Florence Metropolitan Statistical Area.-Geography:Timmonsville is located at ....
.
In 1999, Centura took over Scotland
Scotland County, North Carolina
-Demographics:As of the census of 2000, there were 35,998 people, 13,399 households, and 9,674 families residing in the county. The population density was 113 people per square mile . There were 14,693 housing units at an average density of 46 per square mile...
Savings Bank in Laurinburg, North Carolina. Also, already In Virginia
Virginia
The Commonwealth of Virginia , is a U.S. state on the Atlantic Coast of the Southern United States. Virginia is nicknamed the "Old Dominion" and sometimes the "Mother of Presidents" after the eight U.S. presidents born there...
, Centura added First Coastal Bank in Virginia Beach.
In 2000, Centura took over Triangle Bancorp in Raleigh and Bank of Mecklenburg
Mecklenburg County, North Carolina
-Air:The county's primary commercial aviation airport is Charlotte Douglas International Airport in Charlotte.- Intercity rail :With twenty-five freight trains a day, Mecklenburg is a freight railroad transportation center, largely due to its place on the NS main line between Washington and Atlanta...
in Charlotte.
On January 26, 2001, Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
's largest bank, Royal Bank of Canada
Royal Bank of Canada
The Royal Bank of Canada or RBC Financial Group is the largest financial institution in Canada, as measured by deposits, revenues, and market capitalization. The bank serves seventeen million clients and has 80,100 employees worldwide. The company corporate headquarters are located in Toronto,...
, announced a $2.3 billion deal to acquire Centura, which had $11.5 billion in assets and 246 branches. The bank's name would change to RBC Centura, and the headquarters would remain in Rocky Mount.