Carolina Premier Bank in Charlotte, N.C., is planning to swap its state charter for a national bank charter and change its name.
The $236 million-asset bank said last week that converting to a national charter will facilitate future expansion in North and South Carolina, Virginia and the District of Columbia. Its new primary regulator would be the Office of the Comptroller of the Currency.
The switch "complements our growth strategy while allowing for consolidated regulatory communications under the bank's expansion strategy," Carolina President and Chief Executive John Kreighbaum said in a press release. "Additionally, the national bank charter may be extremely beneficial for expanding mortgage, insurance or wealth management operations."
Carolina Premier did not announce the new name but said it will reflect the bank's increasing geographical reach.
The bank, founded in 2007, is a wholly-owned subsidiary of Premara Financial (PARA). The company has six offices in North Carolina, South Carolina, and D.C. It plans to open a new branch in South Carolina in December.