Centura Bank
| Company type | Public |
|---|---|
| Industry | Banking |
| Predecessor | Peoples Bancorp, Planters Bank |
| Founded | 1990 |
| Defunct | 2001 |
| Fate | Acquired by Royal Bank of Canada and rebranded as RBC Centura |
| Headquarters | Rocky Mount , United States |
Area served | North Carolina, South Carolina, Virginia |
Key people | Robert L. Mauldin (chairman), Dick Futrell (leader post-merger), Cecil Sewell Jr. (president 1997) |
| Products | Banking services |
| Parent | Royal Bank of Canada (from 2001) |
Centura Bank was a United States-based bank with its main office located in Rocky Mount, North Carolina. It operated from 1990, following the consolidation of Peoples Bancorp and Planters Bank, until 2001, when it was purchased by the Royal Bank of Canada and subsequently rebranded as RBC Centura.
Peoples Bank
In 1918, Rocky Mount National Bank erected a five-story, 22,000-square-foot headquarters—the tallest structure within the historic district—crafted by architect Frank Pierce Milburn. The institution was renamed People's Bank and Trust in 1934. This building functioned as their main office until the mid-1970s and was later converted into office space after its acquisition in 2000.
Robert L. Mauldin took on the role of chairman at Peoples Bancorp in 1984. When he joined in 1969, the bank had 22 branches with assets totaling $100 million. By the time of the merger announcement in 1990, Peoples Bancorp had expanded its assets to $1.26 billion.
Planters Bank
Established in 1899, Planters Bank was led by Archie W. McLean, who served as president and CEO from 1950 until 1971, then as chairman until retiring in 1974. During that period, Planters ranked as the tenth largest bank in North Carolina.
By 1985, Planters managed $620 million in assets across 52 branches throughout eastern North Carolina. That year, it acquired Bank of Pilot Mountain for $10.1 million, adding $50.9 million in assets and two additional branches. By 1990, Planters had grown its assets to $1.17 billion.
Centura Bank
Centura Banks, Inc. was established in 1990 through a "merger of equals" between Planters and Peoples banks, forming North Carolina's seventh-largest financial institution with $2.6 billion in assets and a network of 116 branches. The name Centura was created by Glenn Monigle & Associates Inc., based in Denver, Colorado. Despite contrasting corporate cultures—Planters’ hierarchical "old money" approach versus Peoples’ community-oriented style—the merged entity adopted Peoples’ culture under the leadership of Dick Futrell, with Mauldin later serving as chairman.
The merger necessitated divesting certain branches; Unity Bank and Trust acquired eleven locations, increasing its assets to $133 million. Centura’s market capitalization grew from $178 million in 1990 to $1.1 billion by 1997, while its assets expanded to $6.3 billion. Leadership changes saw Mauldin become chairman in 1993 and Cecil Sewell Jr., formerly president of Peoples Bancorp, succeed him in 1997.
Centura pursued an aggressive acquisition strategy: purchasing Watauga Savings and Citizens Federal Savings and Loan (1991); First Federal Savings Association (1992); several North Carolina savings banks including Orange Federal, Brevard Federal, Granite Savings, First American Federal, First Savings Bank, First Charlotte Bank, Canton Savings Bank, and Robeson Savings Bank (1993); Mid-South Bank (1994); Cleveland Federal Bank, First Southern Savings Bank, and First Commercial Bank (1995); First Community Bank and First South Bank (1996). In 1998, Centura expanded into South Carolina by acquiring Pee Dee State Bank. Subsequent acquisitions included Scotland Savings Bank in Laurinburg and Virginia's First Coastal Bank in Virginia Beach (1999), followed by Triangle Bancorp in Raleigh and Bank of Mecklenburg in Charlotte (2000).
On January 26, 2001, Royal Bank of Canada announced it would acquire Centura for $2.3 billion; at that time Centura held $11.5 billion in assets and operated 246 branches. The institution was rebranded as RBC Centura while maintaining its headquarters in Rocky Mount. In 2012, PNC completed the acquisition of RBC Centura bank.