Centura Bank was a
bank
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
Because ...
headquartered in
Rocky Mount, North Carolina
Rocky Mount is a city in Edgecombe County, North Carolina, Edgecombe and Nash County, North Carolina, Nash counties in the U.S. state of North Carolina. The city's population was 54,341 as of the 2020 United States census, 2020 census, making it ...
. It existed from 1990, when Peoples Bancorp and Planters Bank merged, to 2001, when the
Royal Bank of Canada
Royal Bank of Canada (RBC; french: Banque royale du Canada) is a Canadian multinational financial services company and the largest bank in Canada by market capitalization. The bank serves over 17 million clients and has more than 89,000& ...
acquired the company and changed its name to
RBC Centura.
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 Milburn
Frank Pierce Milburn (December 12, 1868 - September 21, 1926) was a prolific American architect of the late 19th and early 20th centuries. 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.[Jay McIntosh, "N.C. Banks' Merger Plan Starts More Takeover Talk," ''The Charlotte Observer'', January 18, 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, 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, Colorado
Denver () is a consolidated city and county, the capital, and most populous city of the U.S. state of Colorado. Its population was 715,522 at the 2020 census, a 19.22% increase since 2010. It is the 19th-most populous city in the Unit ...
. 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 can refer to:
;Places
*Watauga, Kentucky
* Watauga County, North Carolina
* Watauga, South Dakota
* Watauga, Tennessee
* Watauga, Texas
;Bodies of Water
* Watauga Lake in Tennessee
* The Watauga River in North Carolina and Tennessee
;Shi ...
Savings and Loan Association, Inc. in Boone, North Carolina
Boone is a town in and the county seat of Watauga County, North Carolina, United States. Located in the Blue Ridge Mountains of western North Carolina, Boone is the home of Appalachian State University and the headquarters for the disaster a ...
and Mid-South Bank and Trust Company in Sanford, North Carolina
Sanford is a city in Lee County, North Carolina, Lee County, North Carolina, United States. The population was 30,261 at the 2020 census. It is the county seat of Lee County.
History
Sanford was named for C.O. Sanford, a railroad civil engineer i ...
. 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 (usually pronounced ( ) or ( ), among other similar variations) is a town in Rutherford County, North Carolina, United States. The population was 4,213 at the 2010 census. It is the county seat.
Geography
Rutherfordton is concentrat ...
. In 1992, Centura took over First Federal Savings Association in Raleigh, North Carolina
Raleigh (; ) is the capital city of the state of North Carolina and the List of North Carolina county seats, seat of Wake County, North Carolina, Wake County in the United States. It is the List of municipalities in North Carolina, second-most ...
. In 1993, Centura took over Orange
Orange most often refers to:
*Orange (fruit), the fruit of the tree species '' Citrus'' × ''sinensis''
** Orange blossom, its fragrant flower
*Orange (colour), from the color of an orange, occurs between red and yellow in the visible spectrum
* ...
Federal Savings Bank in Chapel Hill, North Carolina
Chapel Hill is a town in Orange, Durham and Chatham counties in the U.S. state of North Carolina. Its population was 61,960 in the 2020 census, making Chapel Hill the 17th-largest municipality in the state. Chapel Hill, Durham, and the state ca ...
; Brevard Federal Savings and Loan Association in Brevard, North Carolina
Brevard is a city in Transylvania County, North Carolina, United States, with a population of 7,609 as of the 2010 Census. It is the county seat of Transylvania County.
Brevard is located at the entrance to Pisgah National Forest and has become ...
; Granite Savings Bank in Granite Falls, North Carolina
Granite Falls is a town in Caldwell County, North Carolina, United States. The population was 4,722 at the 2010 census. It is part of the Hickory–Lenoir– Morganton Metropolitan Statistical Area.
History
The name Granite Falls comes f ...
; First American Federal Savings Bank in Greensboro, North Carolina
Greensboro (; formerly Greensborough) is a city in and the county seat of Guilford County, North Carolina, United States. It is the third-most populous city in North Carolina after Charlotte and Raleigh, the 69th-most populous city in the Un ...
; First Savings Bank in Forest City, North Carolina
Forest City, formerly known as "Burnt Chimney," is a town in Rutherford County, North Carolina, United States. The population was 7,377 as of the 2020 census, making it the largest municipality in Rutherford County.
History
The Alexander Manufa ...
; First Charlotte Bank in Charlotte, North Carolina
Charlotte ( ) is the most populous city in the U.S. state of North Carolina. Located in the Piedmont region, it is the county seat of Mecklenburg County. The population was 874,579 at the 2020 census, making Charlotte the 16th-most populo ...
; Canton Savings Bank in Canton, North Carolina
Canton is the second largest town in Haywood County, North Carolina, United States. It is located about west of Asheville and is part of that city's metropolitan area. The town is named after the city of Canton, Ohio. The population was 4,227 at ...
and Robeson Savings Bank in Lumberton, North Carolina
Lumberton is a city in Robeson County, North Carolina, United States. As of 2020, its population was 19,025. It is the seat of Robeson County's government.
Located in southern North Carolina's Inner Banks region, Lumberton is located on the Lum ...
.[
In 1994, Centura took over Sewell's former home of Mid-South Bank.][
In 1995, Centura took over ]Cleveland
Cleveland ( ), officially the City of Cleveland, is a city in the U.S. state of Ohio and the county seat of Cuyahoga County. Located in the northeastern part of the state, it is situated along the southern shore of Lake Erie, across the U.S. ...
Federal Bank in Shelby, North Carolina
Shelby is a city in and the county seat of Cleveland County, North Carolina, United States. It lies near the western edge of the Charlotte combined statistical area. The population was 20,323 at the 2010 census.
History
The area was originally i ...
and First Southern Savings Bank in Asheboro, North Carolina
Asheboro is a city in and the county seat of Randolph County, North Carolina, United States. The population was 25,012 at the 2010 census. It is part of the Greensboro–High Point metropolitan area of the Piedmont Triad and is home of the sta ...
and First Commercial Bank in Asheville, North Carolina
Asheville ( ) is a city in, and the county seat of, Buncombe County, North Carolina. Located at the confluence of the French Broad and Swannanoa rivers, it is the largest city in Western North Carolina, and the state's 11th-most populous cit ...
. In 1996 Centura took over First Community Bank in Gastonia, North Carolina
Gastonia is the largest city in and county seat of Gaston County, North Carolina, United States. It is the second-largest satellite city of the Charlotte area, behind Concord. The population was 80,411 at the 2020 census, up from 71,741 in 2010 ...
and First South Bank in Burlington, North Carolina
Burlington is a city in Alamance County, North Carolina, Alamance and Guilford County, North Carolina, Guilford counties in the U.S. state of North Carolina. It is the principal city of the Burlington, North Carolina Metropolitan Statistical Are ...
.
In 1998, Centura entered South Carolina
)''Animis opibusque parati'' ( for, , Latin, Prepared in mind and resources, links=no)
, anthem = " Carolina";" South Carolina On My Mind"
, Former = Province of South Carolina
, seat = Columbia
, LargestCity = Charleston
, LargestMetro = ...
for the first time by taking over Pee Dee State Bank in Timmonsville, South Carolina
Timmonsville is a town in Florence County, South Carolina, United States. The population was 2,320 at the 2010 census, an increase of five persons from 2000. It is part of the Florence Metropolitan Statistical Area.
History
Timmonsville was fou ...
.
In 1999, Centura took over Scotland
Scotland (, ) is a country that is part of the United Kingdom. Covering the northern third of the island of Great Britain, mainland Scotland has a border with England to the southeast and is otherwise surrounded by the Atlantic Ocean to the ...
Savings Bank in Laurinburg, North Carolina. Also, already In Virginia
Virginia, officially the Commonwealth of Virginia, is a state in the Mid-Atlantic and Southeastern regions of the United States, between the Atlantic Coast and the Appalachian Mountains. The geography and climate of the Commonwealth ar ...
, Centura added First Coastal Bank in Virginia Beach
Virginia Beach is an independent city located on the southeastern coast of the Commonwealth of Virginia in the United States. The population was 459,470 at the 2020 census. Although mostly suburban in character, it is the most populous city ...
.
In 2000, Centura took over Triangle Bancorp in Raleigh and Bank of Mecklenburg
Mecklenburg (; nds, label=Low German, Mękel(n)borg ) is a historical region in northern Germany comprising the western and larger part of the federal-state Mecklenburg-Western Pomerania. The largest cities of the region are Rostock, Schwerin ...
in Charlotte.
On January 26, 2001, Canada
Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by tot ...
's largest bank, Royal Bank of Canada
Royal Bank of Canada (RBC; french: Banque royale du Canada) is a Canadian multinational financial services company and the largest bank in Canada by market capitalization. The bank serves over 17 million clients and has more than 89,000& ...
, 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.[Chris Serres and Dudley Price, "Canadian bank buys Centura," ''The News & Observer'', January 27, 2001.]
On February 24, 2012, PNC bought out RBC Centura bank.
References
External links
Photo of People's Bank Building
Photo of Planter's Bank Building
{{Portal, Banks
1990 establishments in North Carolina
Banks based in North Carolina
Rocky Mount, North Carolina
Banks established in 1990
Banks disestablished in 2001
2001 mergers and acquisitions
Royal Bank of Canada
Defunct banks of the United States