Roanoke Valley Savings Bank on Roanoke Avenue in Roanoke Rapids is now Roanoke Rapids Savings Bank.
The merger, which took place Friday afternoon, combines two institutions with long and rich traditions of dedication to their customers and the community.
Ed Jackson, president and CEO of Roanoke Rapids Savings Bank and Jim Gossip, president and CEO of the former Roanoke Valley Savings Bank greeted customers this morning at the new branch at 828 Roanoke Avenue.
Gossip will continue to serve as a consultant under the merged operation.
Roanoke Rapids Savings Bank will continue operations on Becker Drive and at its loan office on Bolling Road in Roanoke Rapids.
Additionally, the merger creates a larger and stronger institution with a significantly higher legal lending limit to further serve the needs of customers.
Jackson said, “This has been a long time in the making and we’re excited for what this will mean for the Roanoke Valley and beyond. We welcome new customers and hope this transaction will spark the community’s interest in the institution’s unique style of hometown banking and customer service that is becoming less and less common these days.”
Roanoke Rapids Savings Bank was founded in 1914 while the former Roanoke Valley Savings Bank began in 1929.
The institutions announced their intentions to merge in June.
Based on financial data as of March 31, the transaction creates a community bank with approximately $84 million in assets, $46 million in loans, and $64 million in deposits.