Kinston, NC based the little bank, Inc. ("LTLB," OTCQX: LTLB), and Oxford, NC based Union Banc Corp. ("Union"), the holding company for Union Bank & Trust Company, have entered into a definitive agreement pursuant to which Union shareholders will receive a fixed exchange ratio of 0.8843 share of LTLB common stock for each share of Union common stock. LTLB shareholders will own approximately 60% of the combined bank, and Union shareholders will own approximately 40%. The combined bank's Board of Directors will reflect the pro forma ownership of the respective institutions with 11 board members from LTLB and 7 board members from Union. The combined bank, which will be headquartered in Greenville, NC and operate under the Union Bank brand name, will have approximately $665 million in total assets, $480 million in total loans and $550 million in total deposits based upon reported amounts as of September 30, 2016. It will have a 15-branch footprint, including locations in the Cary, Raleigh, Greenville and Wilmington markets as well as serving additional key markets located in eastern and central North Carolina (Kinston, Oxford, Creedmoor, Goldsboro, Henderson, Jacksonville, LaGrange, Louisburg, New Bern, Roxboro and Youngsville). Commenting on the announcement, Rob Jones, President and Chief Executive Officer of LTLB, said, "It is rare to find two banks whose culture, business approach and customer bases align as well as the little bank and Union Bank. We look forward to working with the Union team to continue our common history of exceeding the needs of our commercial and retail customers. By almost doubling our size, we expect to be able to take advantage of efficiencies and offer new products and services for the benefit of our customers, employees and shareholders." John Burns, President and Chief Executive Officer of Union, added, "Union Bank has a proud tradition of serving its local communities and the greater Research Triangle as an independent community bank. We were not actively considering a partnership until we met Rob and his team at the little bank. We soon realized how much our banks have in common and that together, we could continue our respective community bank traditions while capitalizing on the benefits that come with being a larger bank."