2017-05-06 / News

Union Banc Corp posts profits

OXFORD -- The good times keep rolling for Union Banc Corp. (UBC), the holding company for Union Bank & Trust.

The company reported consolidated net income of $457,000 for the first quarter ending March 31, a marked improvement over the same period last year, when net income was $392,000.

As of March 31, the end of the quarter, UBC reported consolidated assets of $351.4 million, and increase of 24 percent over assets of $23.9 million for the same period last year.

Deposits grew 31 percent to a total of $307.6 million as of end of quarter.

Non-accrual loans were $2.0 million or 0.8 percent of outstanding loans, while the allowance for loan losses was $2.8 million.

“We are pleased with our performance during the first quarter of this year,” said John Burns, president and CEO of both UBC and Union Bank.

Pending shareholder and regulatory approval, he expects the company’s merger with the little bank, Inc., to occur in the third quarter.

The merger will create a $665 million locally owned and operated community bank with 15 locations from Central North Carolina to the coast.

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