SLCT Stock: Understanding Select Bancorp’s Market History
When discussing SLCT stock, it is essential to distinguish between historical financial assets and active listings. SLCT stock was the official ticker symbol for Select Bancorp, Inc., a bank holding company that played a significant role in the community banking sector of North Carolina. As of October 2021, however, the landscape for this security changed permanently following a strategic merger. Understanding the trajectory of SLCT stock provides valuable insights into the consolidation trends within the regional banking industry.
Company Overview
History and Foundation
Founded in 2000, Select Bancorp, Inc. was established with a mission to deliver personalized commercial and retail financial services. Headquartered in Dunn, North Carolina, the bank grew from a local startup into a recognized regional player, focusing on relationship-based banking that catered to small businesses and individual consumers across North Carolina, South Carolina, and Virginia.
Operations and Services
Before its acquisition, the company operated primarily through its subsidiary, Select Bank & Trust. Its core business activities included a comprehensive suite of products such as checking and savings accounts, alongside diverse loan services. These services ranged from residential mortgages and personal loans to complex commercial real estate financing, establishing the company as a pillar of the local economy.
Stock Market Information (NASDAQ: SLCT)
Listing and Ticker History
For many years, SLCT stock was a fixture on the NASDAQ Global Market. The ticker SLCT served as the primary vehicle for investors looking to gain exposure to the Southeast United States banking sector. During its time as a public entity, the stock was known for its steady presence, reflecting the bank's disciplined approach to growth and risk management.
Key Historical Financial Metrics
Prior to its delisting in late 2021, SLCT stock maintained a market capitalization of approximately $325.3 million. Financial databases, such as MarketBeat, noted that the company often traded at price-to-earnings (P/E) ratios consistent with healthy community banks. Its financial health was characterized by a solid balance sheet and a consistent track record of maintaining capital adequacy ratios required by federal regulators.
Acquisition by First Bancorp
Merger Terms and Agreement
The status of SLCT stock shifted dramatically on October 18, 2021, when Select Bancorp was officially acquired by First Bancorp (FBNC), the parent company of First Bank. The merger was executed through a stock-and-cash transaction valued at approximately $314 million. This move was designed to expand First Bank's footprint in key North Carolina markets, creating a more robust competitive entity in the region.
Impact on Shareholders
Upon the completion of the merger, SLCT stock ceased trading on the NASDAQ. Under the terms of the agreement, Select Bancorp shareholders received 0.408 shares of First Bancorp common stock for each share of Select Bancorp they held. This transition effectively converted SLCT stock holdings into FBNC holdings, marking the end of SLCT as an independent trading symbol.
Historical Performance and Ratings
Earnings History
Throughout its final years of operation, Select Bancorp frequently reported earnings that met or exceeded analyst expectations. Its growth patterns were driven by strong net interest margins and a disciplined expansion of its loan portfolio. These historical earnings reports underscored the bank's ability to navigate changing interest rate environments effectively.
Market Perception
In the lead-up to the acquisition, market sentiment regarding SLCT stock was generally positive. Analysts often viewed it as a high-quality community bank with an attractive geographic footprint. This perception made it a prime candidate for consolidation within the banking industry, eventually leading to the successful merger with First Bancorp.
Legacy and Successor Entities
Transition to First Bank
Following the merger, all Select Bank & Trust physical locations and customer accounts were integrated into the First Bank brand. This transition allowed former Select Bancorp customers to access a broader range of financial products and a more extensive branch network while maintaining the community-focused service they expected.
Current Investment Status
For those tracking SLCT stock today, it is important to note that the symbol is inactive. Investors interested in the legacy of Select Bancorp should now look toward First Bancorp (NASDAQ: FBNC). While the SLCT stock ticker is a piece of financial history, its underlying value continues through the ongoing operations of First Bank.
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See Also
For further reading, consider exploring the history of community banking in the Southeast, the financial performance of First Bancorp (FBNC), and the general processes involved in bank mergers and NASDAQ delistings.
