2017-04-19 / News

Union Banc Corp. posts profits for fourth quarter

OXFORD — Union Banc Corp. (“UBC”), the holding company for Union Bank & Trust (“Union Bank”), reported consolidated net income of $1.1 million for the year compared to $1.2 million in 2015.

As of Dec. 31, 2016, UBC reported consolidated assets of $299.4 million, an increase of 13 percent over assets of $265.3 million as of Dec. 31, 2015. Loans were $243.7 million, up 14 percent over loans of $213.2 million as of Dec. 31, 2015. Deposits grew 11 percent, from $222.1 million as of Dec. 31, 2015 to $247.4 million as of Dec. 31, 2016. Nonaccrual loans were $1.6 million, or 0.7 percent of outstanding loans, and the allowance for loan losses was $2.8 million, or 1.14 percent of outstanding loans.

John Burns, president and CEO of both UBC and Union Bank, said, “2016 was an eventful year for us. While earnings declined modestly, much of that change was due to our aggressive growth plans.”

For more information, call 919-603-5030, visit www.unionbanknc.com or visit its offices in Oxford, Louisburg, Henderson, Roxboro, Youngsville, Creedmoor, Cary and Raleigh.

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