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  6. Providence Bank Acquires Coastal Bank & Trust

M&A Deal Summary

Providence Bank Acquires Coastal Bank & Trust

On August 30, 2023, Providence Bank acquired financial services company Coastal Bank & Trust for 26M USD

Acquisition Highlights
  • This is Providence Bank’s 1st transaction in the Financial Services sector.
  • This is Providence Bank’s largest (disclosed) transaction.
  • This is Providence Bank’s 1st transaction in the United States.
  • This is Providence Bank’s 1st transaction in North Carolina.

M&A Deal Summary
Date 2023-08-30
Target Coastal Bank & Trust
Sector Financial Services
Buyer(s) Providence Bank
Deal Type Merger
Deal Value 26M USD
Advisor(s) Burke Stelling Group (Financial)
Ward and Smith (Legal)

Target

Coastal Bank & Trust

Jacksonville, North Carolina, United States
Coastal Bank & Trust is a full service bank. Coastal Bank & Trust was founded in 2009 and is based in Jacksonville, North Carolina

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Buyer(S) 1

Buyer

Providence Bank

Rocky Mount, North Carolina, United States
Category Company
Founded 2006
Sector Financial Services
Revenue 31M USD (2023)
DESCRIPTION

PB Financial is the holding company for Providence Bank, a state-chartered community bank. Providence Bank was founded in 2006 and is based in Rocky Mount, North Carolina.

DEAL STATS #
Overall 1 of 1
Sector: Financial Services M&A 1 of 1
Type: Merger M&A Deals 1 of 1
State: North Carolina M&A 1 of 1
Country: United States M&A 1 of 1
Year: 2023 M&A 1 of 1
Size (of disclosed) 1 of 1
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