Centura Bank

Centura Bank was an American regional banking organization headquartered in Rocky Mount, North Carolina. It was created in 1990 through a merger of equals between Peoples Bancorp and Planters Bank, two established North Carolina banking institutions with different local histories and organizational cultures. The merger produced Centura Banks, Inc., whose banking operations were commonly associated with the Centura Bank name. The combined organization began with approximately $2.6 billion in assets and 116 branches, making it one of North Carolina's larger banks at the time. Its banking footprint initially centered on eastern and central North Carolina. The company retained important legacy facilities and local connections: Centura used the former Planters headquarters, while the former Peoples headquarters in Rocky Mount was later occupied by another organization. The merger was strategically logical from a scale perspective, but the two predecessor institutions had contrasting identities. Planters was described as a more hierarchical, established institution, while Peoples had a more locally populist culture. Integrating the businesses therefore required organizational adjustments and the disposal of certain branches. Centura expanded during the 1990s through a combination of organic growth and acquisitions of savings banks, savings and loan associations, and commercial banks. Its transactions added locations across North Carolina, including in Raleigh, Chapel Hill, Charlotte, Greensboro, Asheville, Gastonia, Burlington, and other communities. In 1998 the bank entered South Carolina through the acquisition of Pee Dee State Bank. In 1999 it expanded further through Scotland Savings Bank in Laurinburg, North Carolina, and First Coastal Bank in Virginia Beach, Virginia. Its 2000 acquisitions of Triangle Bancorp in Raleigh and Bank of Mecklenburg in Charlotte further strengthened its position in the Carolinas. The institution grew substantially during the decade. Its market capitalization was reported at approximately $178 million in 1990 and about $1.1 billion by 1997, when it had approximately $6.3 billion in assets. By the time Royal Bank of Canada agreed to acquire it in January 2001, Centura had approximately $11.5 billion in assets and 246 branches. Royal Bank of Canada's transaction, valued at approximately $2.3 billion, converted the institution into RBC Centura while retaining Rocky Mount as headquarters. Centura Bank therefore ceased to exist as an independent brand in 2001, although its successor continued operating under the RBC Centura name until a later ownership transition. PNC acquired RBC's U.S. banking operations in 2012, including RBC Centura Bank.

Centura Bank's history grew out of two North Carolina institutions: Peoples Bancorp and Planters Bank. Planters Bank dated to 1899 and developed into a significant bank in eastern North Carolina. By 1985 it had 52 locations in 19 communities and approximately $620 million in assets. Peoples had roots in Rocky Mount, where the former Rocky Mount National Bank building had served as an important local banking landmark. Robert L. Mauldin joined Peoples in 1969, became its chairman in 1984, and oversaw its growth into a bank with approximately $1.26 billion in assets when the merger with Planters was announced. On January 16, 1990, the two organizations announced a merger of equals. The resulting company was named Centura Banks, Inc.; the Centura name was selected by the Denver-based consulting firm Glenn Monigle & Associates. The combined institution had roughly $2.6 billion in assets and 116 branches, making it North Carolina's seventh-largest bank. Its operations included Centura Bank and affiliated institutions such as Watauga Savings and Loan Association and Mid-South Bank and Trust Company. The company employed more than 700 people in Rocky Mount. Integration was not frictionless. Planters and Peoples brought different management traditions and community identities to the combination. Planters was associated with an established, top-down banking culture, whereas Peoples was viewed as more closely connected to ordinary local customers. Although Dick Futrell of Planters initially led the new organization, the merged bank adopted more of the Peoples operating culture. Some branches were sold during the integration, including a group acquired by Unity Bank and Trust. During the 1990s, Centura pursued an aggressive regional expansion program. It took over Watauga Savings and Citizens Federal Savings and Loan in 1991, First Federal Savings Association in Raleigh in 1992, and a broad collection of North Carolina institutions in 1993. The 1993 transactions included Orange Federal Savings Bank, Brevard Federal Savings and Loan Association, Granite Savings Bank, First American Federal Savings Bank, First Savings Bank, First Charlotte Bank, Canton Savings Bank, and Robeson Savings Bank. In 1994 it acquired Mid-South Bank. Additional transactions followed in 1995 with Cleveland Federal Bank, First Southern Savings Bank, and First Commercial Bank, and in 1996 with First Community Bank and First South Bank. Leadership changed as the organization expanded. Mauldin became chairman in 1993 and retired in 1997. Cecil Sewell Jr., who had served as president of Peoples Bancorp and later president of Centura, succeeded him as chairman. Centura's market capitalization rose from approximately $178 million in 1990 to about $1.1 billion in 1997, while assets reached approximately $6.3 billion. The bank extended beyond North Carolina near the end of the decade. It entered South Carolina in 1998 by acquiring Pee Dee State Bank in Timmonsville. In 1999 it acquired Scotland Savings Bank in Laurinburg and First Coastal Bank in Virginia Beach. In 2000 it acquired Triangle Bancorp in Raleigh and Bank of Mecklenburg in Charlotte. These moves brought the reported branch network to 246 locations and assets to approximately $11.5 billion. On January 26, 2001, Royal Bank of Canada announced an approximately $2.3 billion acquisition of Centura. The transaction ended Centura's independent existence and led to the RBC Centura name, while Rocky Mount remained the headquarters. The successor was ultimately included in PNC's 2012 acquisition of RBC's U.S. banking operations. Centura Bank is therefore a defunct historical brand whose principal legacy is the regional banking network assembled before its absorption into larger banking groups.

• 2012

  PNC acquires the successor U.S. banking operations

  [1]Centura Banken.wikipedia.org

  PNC acquires RBC's U.S. banking operations, including RBC Centura.

• 2001

  Royal Bank of Canada acquires Centura

  [1]Centura Banken.wikipedia.org

  Royal Bank of Canada announces an approximately $2.3 billion acquisition, after which the business becomes RBC Centura.

• 1998

  Centura enters South Carolina

  [1]Centura Banken.wikipedia.org

  The acquisition of Pee Dee State Bank gives Centura its first South Carolina presence.

• 1997

  Centura reaches approximately $6.3 billion in assets

  [1]Centura Banken.wikipedia.org

  The bank's reported assets reach approximately $6.3 billion as Robert L. Mauldin retires and Cecil Sewell Jr. becomes chairman.

• 1990

  Centura Banks is formed

  [1]Centura Banken.wikipedia.org

  Peoples Bancorp and Planters Bank complete a merger of equals, creating Centura Banks, Inc. with approximately $2.6 billion in assets and 116 branches.

• 1934

  Rocky Mount National Bank adopts the Peoples Bank and Trust name

  [1]Centura Banken.wikipedia.org

  The Rocky Mount institution changes its name to People's Bank and Trust.

• 1918

  Rocky Mount National Bank headquarters is built

  [1]Centura Banken.wikipedia.org

  A five-story Rocky Mount banking headquarters is constructed and later becomes associated with the Peoples Bank legacy.

• 1899

  Planters Bank is established

  [1]Centura Banken.wikipedia.org

  Planters Bank begins its history as a North Carolina banking institution.

A regional community-oriented bank that combined local North Carolina banking franchises with an acquisition-led expansion strategy across the Southeast.

• Consumer banking · 1990

  Retail banking

  Centura operated a regional branch network serving individual customers through deposit accounts and other standard consumer banking services. Its retail presence was built from the Peoples and Planters franchises and expanded through numerous acquisitions of local banks and savings institutions across North Carolina, South Carolina, and Virginia.

• Business banking · 1990

  Commercial banking

  Commercial banking was a core part of Centura's regional model. The institution provided banking relationships for businesses and communities within its branch markets, supported by the combination of two established North Carolina banks and subsequent acquisitions that increased its scale and geographic reach.

• Banking services

  Deposit and lending services

  The bank's product scope included conventional bank deposits and credit services associated with a full-service regional bank. The available reference material does not provide a detailed historical product catalog, pricing schedule, or named proprietary offering.

• 2001

  Sell Centura to Royal Bank of CanadaM&A

  Background

  Centura had grown to approximately $11.5 billion in assets and 246 branches, making it an attractive regional banking platform.

  Action taken

  Royal Bank of Canada announced an approximately $2.3 billion acquisition of Centura.

  Aftermath

  The independent Centura Bank brand was replaced by RBC Centura, with Rocky Mount retained as headquarters.

  Acquisition value. Approximately $2.3 billion (Announced January 26, 2001)

  Source

• 1998

  Expand beyond North CarolinaStrategy

  Background

  After building a substantial North Carolina network, Centura sought entry into neighboring markets.

  Action taken

  The bank acquired Pee Dee State Bank in Timmonsville, marking its first entry into South Carolina, and later added operations in Virginia.

  Aftermath

  Centura developed a multistate southeastern footprint before its sale to Royal Bank of Canada.

  Source

• 1991

  Begin acquisition-led regional expansionStrategy

  Background

  Centura pursued growth by adding savings institutions and banks to its original Peoples and Planters network.

  Action taken

  It acquired or took over Watauga Savings and Citizens Federal Savings and Loan, followed by additional North Carolina institutions in subsequent years.

  Aftermath

  The acquisitions broadened Centura's branch coverage and strengthened its position as a statewide regional bank.

  Source

• 1990

  Merge Peoples Bancorp with Planters BankM&A

  Background

  The two institutions sought greater scale through a combination that created one of North Carolina's larger banks, while bringing together distinct organizational cultures and branch networks.

  Action taken

  They completed a merger of equals and operated under the newly created Centura Banks identity.

  Aftermath

  The combined company began with approximately $2.6 billion in assets and 116 branches, although integration included the sale of some branches.

  Assets at formation. Approximately $2.6 billion (1990)

  Source

1. 1Centura Banken.wikipedia.org