As of April 9, 2024, Coastal Bank & Trust has merged into PB Financial Corporation, the holding company for Providence Bank.
Through May 17, Coastal locations will continue under their name and operating system. On Monday, May 20, all locations will serve customers as Providence Bank, with ten full-service offices from the capital to the coast:
- Holly Ridge
- Jacksonville
- Morehead City
- Nashville
- Raleigh
- Richlands
- Rocky Mount (2 locations)
- Tarboro
- Wilson
- New Bern (Loan production office)
When will Coastal Bank & Trust locations become Providence Bank?
PB Financial Corporation completed the merger with Coastal Bank & Trust on April 9, 2024. Through May 17, 2024, Coastal locations will continue under their name and operating system. On Monday, May 20, all locations will serve customers as Providence Bank, with ten full-service offices.
What do Coastal customers need to do?
Right now, it’s business as usual for Coastal customers. There is no action to take. Accounts can and should be used and accessed as they are today – through the website, mobile app, or branch location. Customers can use their checks and debit cards, and access their accounts from ATMs, at their local branches, and through online banking. Loan customers will make loan payments as usual. Once the merger is complete, we’ll be in touch with any changes–which we expect to be minimal.
In early May, Coastal customers will receive information via mail about transitioning their account to Providence Bank. Since Providence and Coastal utilize the same financial software provider our interfaces for online and mobile banking and remote deposit capture are the same.
What do Coastal customers need to know about Providence Bank?
Providence Bank opened its doors in 2006 in Rocky Mount, North Carolina. Since then, Providence has taken a steady, one-step-at-a-time approach to growth, opening a second office in nearby Tarboro, then adding a second Rocky Mount office and opening a branch in Nashville. In 2018, we merged with Cornerstone Bank, expanding our footprint to Wilson. In 2020, we opened an office in the heart of midtown Raleigh. Our team members love the communities they serve and value knowing their customers.
Providence Bank’s Commitment to the Coastal Team:
Providence and Coastal enjoy a similar community-focused culture, prioritizing local decision-making. Coastal customers will continue to be served at their local offices by the same people they chose to bank with and have grown to know through their banking relationship. Each Coastal team member will be offered a position at Providence Bank, as we value their experience and local market expertise. Team members and customers chose Coastal Bank and Trust for a reason, and we will intentionally preserve the spirit and service that led to that choice.
About Coastal Bank & Trust
Coastal Bank & Trust was founded in April of 2009 and is headquartered in Jacksonville, North Carolina. Coastal offers financial products and services primarily focused on retail customers and small- to medium-sized businesses in Onslow and Carteret counties, as well as surrounding areas. Coastal Bank & Trust has offices in Holly Ridge, Jacksonville, Morehead City, and Richlands, North Carolina, as well as a loan production office in New Bern.
Based on June 30, 2023, financials, the combined bank, under the name Providence Bank, will have $1.1 billion in assets, with $874 million in loans and $893 million in deposits, creating a larger, stronger community bank with a higher lending limit, expanded product offerings, and deeper employee bench strength. Both management teams anticipate the combined bank will create meaningful opportunities for further growth, profitability, and long-term value, benefiting customers, employees, shareholders, and our communities.
The combined bank will include ten full-service offices serving North Carolina communities from the capital to the coast, including Holly Ridge, Jacksonville, Morehead City, Nashville, Raleigh, Richlands, Rocky Mount (two locations), Tarboro and Wilson, and a loan production office in New Bern. The market diversity allows the bank to better balance its portfolio across various industries and market types.
Providence and Coastal enjoy a similar community-focused culture, prioritizing local decision-making. Coastal customers will continue to be served at their local offices by the same people they chose to bank with and have grown to know through their banking relationship. Each Coastal team member will be offered a position at Providence Bank, as we value their experience and local market expertise. Team members and customers chose Coastal Bank and Trust for a reason, and we will intentionally preserve the spirit and service that led to that choice.
Providence Bank and Coastal Bank and Trust utilize the same financial software provider, bringing synergy to the conversion process. As result, our interfaces for online and mobile banking and remote deposit capture are the same. Since both banks are familiar with the software provider, it will help minimize the learning curve and other obstacles.