|By David Ranii, The News & Observer (Raleigh, N.C.)|
|McClatchy-Tribune Information Services|
The deal to purchase the
The combination will create the nation's largest family-controlled bank. It will boast
The Holding family also owns a controlling interest in the financial institution the
The initial reaction to the deal from investors was favorable. Shares of
The deal will give
The leadership team of the combined bank, which will be announced later, will include executives from both organizations, the banks said in a joint announcement.
"Our similar cultures, values and business philosophies make this transaction a natural fit," Holding said in a prepared statement. "We see great opportunity in combining to create one bank with enormous potential for future success for our stockholders, customers, associates and communities."
The deal was forged by a special committee of independent directors of each board and has been approved by each company's board of directors.
To be precise,
The deal calls for shareholders of
The ultimate total value of the deal will range between
Fidelity Bank of Fuquay-Varina, which has 62 branches in
In a 2009 interview with
The Holding family's influence also extends into the political arena. The family tree includes U.S. Rep.
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