May 26, 2022

Notable Stock News to Watch: Select Bancorp (NASDAQ:SLCT)

Select Bancorp (NASDAQ:SLCT) stock revealed change of 10.43% away from 52-week low price and recently located move of -43.95% off 52-week high price. It has market worth of $121.28M. SLCT stock has been recorded -23.95% away from 50 day moving average and -36.02% away from 200 day moving average. Moving closer, we can see that shares have been trading -3.06% off 20-day moving average.

On April 17, 2020, Select Bancorp (NASDAQ:SLCT) the holding company for Select Bank & Trust Company, disclosed that Select Bank & Trust has finalized the purchase of three branches in western North Carolina from Entegra Bank, a Division of First Citizens Bank. Select Bank & Trust has assumed the deposits, and majority of the loans, property, equipment and other selected assets associated with the Entegra Bank branches located at 30 Hyatt Road, Franklin, NC, 498 East Main Street, Sylva, NC, and 473 Carolina Way, Highlands, NC.

The three locations will close at 2:00 PM on Friday April 17, 2020 and are scheduled to re-open as branches of Select Bank & Trust on Monday April 20, 2020.  Given the public health and safety concerns related to spread of the novel Coronavirus, the branch lobbies will remain closed; however, the branches will continue to operate for customers through the Drive-Thru (Monday through Thursday, 8:30 AM – 5:00 PM and Friday, 8:30 AM – 6:00 PM), by appointment and telephone, ATM and Digital Banking until further notice.

William L. Hedgepeth, President and CEO of Select Bancorp, said of the acquisition, Our goal for some time has been to further expand the markets we serve and enter new markets. These branches will serve as an expansion of our footprint into western North Carolina. We are deploying our capital in a deliberate and efficient manner. This strategic acquisition fits nicely with our recent opening of a full-service branch in Cornelius, North Carolina (Charlotte area) and the opening of loan production offices in Winston-Salem and Durham, North Carolina.  He went on to explain, Finding established locations with experienced employees in communities like these fit into our strategic plan perfectly and we are looking forward to serving these new customers. It is a tough time in our nation and world right now and we hope to continue to be a source of assistance and education for our customers, footprint wide. We are extremely proud of our employees and our newest employees for making this transition during this difficult time in our communities. We ask our new customers to be patient with us as we work through this transition with somewhat limited resources due to the novel Coronavirus pandemic. It is a testament to the hard work and dedication of our team that we are able to finalize the purchase of these three branches at this point in time.

The Financial sector company, Select Bancorp noticed change of 3.56% to $6.99 along volume of 138885 shares in recent session compared to an average volume of 86.32K shares. The stock observed return of -5.03% in 5 days trading activity. The stock was at -2.10% over one month performance. SLCT’s shares are at -41.41% for the quarter and driving a -42.70% return over the course of the past year and is now at -43.17% since this point in 2018.

The average volatility for the week at 6.72% and for month was at 10.06%. There are 17.35M shares outstanding and 13.26M shares are floated in market. Right now the stock beta is 0.79.

Dennis Morris writes related to the Business Category. He manages to cover anything thrown at him in these two verticals owing to his natural inclination towards Business. Dennis is our freelance contributor. He is responsible for covering developments in finance and business categories.