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The building still stands, they just renovated the interior. I saw many movies there before and after the split. The theater had a great balcony but was closed after the the two screens were installed.The divider was so poorly made that you could clearly hear the movie in the next theater.
The land was recently cleared for the construction of a Lowes Home Center, I remember the it well. The sign and screen stood for years.
This is a quote from View link
Further up on Broad Street, near City Hall, stood the Rialto Theatre, although I never went into it. Later on in the early 1960’s, I believe the Rialto became a “John’s Bargain Store”, a forerunner of today’s dollar emporiums.
This is all I can find about this place so far.