Monday, March 12, 2012

Rowan County bank changes name after merger

Community Bank of Rowan, which had two locations in the county, will now operate under the name VantageSouth after its parent company merged it with another bank the company controls, according to an announcement Monday.

The new VantageSouth has four branches in Rowan and Alamance counties, and another branch is in the works in Fayetteville.

Raleigh private equity group Piedmont Community Bank Holdings Inc. bought the Rowan bank in a cash deal last April. It previously owned a majority stake in VantageSouth.

Late last year, the parent company announced a plan to buy the remaining VantageSouth stock at $4.35 per share and merge the two banks.

The merger closed in February.