Select Bank announces closure of Washington branch

Published 6:39 pm Tuesday, July 23, 2019

For the second time in three months, a bank is announcing plans to close a branch in Washington. Select Bancorp announced Friday that it will close its Select Bank branch on Market Street as of Oct. 25.

“Decisions like these are never easy or taken lightly,” William L. Hedgepeth II, president and chief executive officer of the company and the bank, said in a press release. “We have enjoyed serving the folks in the Beaufort County market for many years and are grateful for the opportunity to do so. We hope that we can continue to serve them through our Greenville office, online and by telephone. Our commitment to our customers still stands strong.”

In the press release, Select Bank customers are referred to the company’s Greenville branch for in-person services after the closing.

“We will continue to work very hard to always provide the best service to our customers in the most efficient and cost-effective manner possible,” Hedgepeth concluded in the release. “That’s what ‘common sense banking’ is all about.”

The announcement of the Select Bank closure comes three months after another bank, Bank of America, announced that it would close its Carolina Avenue branch on Aug. 20. Bank of America also referred Washington and Beaufort County customers to its Greenville branch for in-person services.

The Washington branch of Select Bank first opened its doors in 2011. Since the third quarter of 2018, the company has opened a new branch in Holly Springs and purchased a new branch in Virginia Beach, Virginia, according to the Select Bank website. In a report from the fourth quarter of 2018, the bank reported record earnings for three quarters in a row.

According to Beaufort County land records, the building that houses the branch is not owned by the bank, but by a local group called Fortescue Investment Group, LLC. The property owner says the building, which is located at the corner of Market and Second streets, will be listed for rent with the Overton Group once vacated.

Select Bank customers impacted by the closing will receive additional information on the closing and can call 252-357-3500 if there are any questions.