GATEWAY FINANCIAL HOLDINGS INC.
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US-based Gateway Financial Holdings Inc. is the holding company for Gateway Bank & Trust Co., a full-service bank. The company’s corporate office is located in Elizabeth City, North Carolina.
Gateway Bank & Trust offers a comprehensive array of consumer and business banking deposit products and services including Internet banking and cash management services. In addition to these depository services, it engages in a full complement of lending activities including consumer, commercial and real estate loans, and provides trust and investment services. The bank has 25 banking offices: 13 in Virginia, 11 in North Carolina and 1 in Raleigh.
The bank is insured by the Federal Deposit Insurance Corporation (FDIC), which preserves and promotes public confidence in the U.S. financial system by insuring deposits in banks and thrift institutions.
Bank Holding & Holding Company
Description and history
Gateway Financial Holdings, Inc. is a financial holding company incorporated under the laws of North Carolina to serve as the holding company for Gateway Bank & Trust Co., a North Carolina chartered commercial bank with banking and insurance agency offices in Northeastern North Carolina, including the Outer Banks, and the Greater Hampton Roads area of Virginia.
Gateway Bank & Trust Co. was incorporated November 24, 1998 and began banking operations on December 1, 1998. Effective October 1, 2001, the Bank became a wholly-owned subsidiary of Gateway Financial Holdings, Inc, a financial holding company whose principal business activity consists of the ownership of the Bank, Gateway Capital Statutory Trust I, and Gateway Capital Statutory Trust II.
The bank engages in generating deposits and originating loans. Its deposit products include savings, NOW, money market, and time accounts. The bank’s loan portfolio comprises short- to medium-term commercial, agricultural, small business administration guaranteed, farmers home administration guaranteed, mortgage, construction, and personal loans, both secured and unsecured. It also makes real estate mortgage and construction loans. In addition, the bank offers a range of products and services, including Internet banking, direct deposit, travelers checks, safe deposit boxes, United States savings bonds, and automatic account transfer services, as well as property, casualty, life, and health insurance products to businesses and individuals.
The Bank has two wholly-owned subsidiaries, Gateway Investment Services, Inc., whose principal activity is to engage in brokerage services as an agent for non-bank investment products and services, and Gateway Insurance Services, Inc., an independent insurance agency with offices in Edenton, Hertford, Elizabeth City, Moyock, Plymouth and Kitty Hawk, North Carolina.
In addition to its banking operations, the Bank has two other reportable segments, Gateway Investment Services, Inc., whose principal activity is to engage in brokerage services as an agent for non-bank investment products and services, and Gateway Insurance Services, Inc., an independent insurance agency.
During May 2004, Gateway Insurance Services, Inc., completed the acquisition of Whitehurst Insurance Agency, Inc., an independent insurance agency with offices located in Elizabeth City, Moyock and Edenton, North Carolina. During June 2004, Gateway Insurance Services, Inc., completed the acquisition of Insurance Express Premium Finance, an insurance premium finance agency located in Plymouth, North Carolina. On October 15, 2004, the Bank completed its acquisition of three financial center offices in a business combination transaction accounted for as a purchase. The financial centers were located in Emporia and Suffolk, Virginia and Elizabeth City, North Carolina. This acquisition was made to expand the Company’s market share in Southeastern Virginia and Northeastern North Carolina and because the financial centers acquired fit well within the Company’s strategic objectives.
NORFOLK, Va. and VIRGINIA BEACH, Va., Sept. 24, 2008 (GLOBE NEWSWIRE) — Hampton Roads Bankshares, Inc. (Nasdaq:HMPR), the financial holding company for Bank of Hampton Roads and Shore Bank, and Gateway Financial Holdings, Inc.
(Nasdaq:GBTS), the financial holding company of Gateway Bank & Trust Co.,jointly announced today that the board of directors of each company approved the execution of, and the parties have executed, a definitive agreement in which Gateway Financial Holdings will merge with and into Hampton Roads Bankshares.
Under the terms of the merger agreement, Hampton Roads Bankshares will acquire all of the outstanding shares of Gateway Financial Holdings. Gateway Financial Holdings’ shareholders will receive 0.67 shares of Hampton Roads Bankshares
common stock for each share owned of Gateway Financial Holdings. Preferred shareholders of Gateway Financial Holdings will receive comparable shares in the combined company. Seven members of the Gateway Financial Holdings Board of
Directors will join the Hampton Roads Bankshares Board of Directors. The companies value the deal at $101 million based upon the 20-day weighted average closing price of Hampton Roads Bankshares’ stock through September 12, 2008, of $11.91.
Holding company for Gateway Bank & Trust Co., a full-service bank
US SIC Code
1145 North Road Street
City province or state postal code
27909, ELIZABETH CITY, NC
Country address: UNITED STATES OF AMERICA