Four de novo organizers settle on their banks' names

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Four proposed de novos already have new names.

Organizers in Monroe, N.C., have chosen American Bank & Trust as the name of their proposed bank. American, which could become North Carolina's first new bank since 2009, is being planned by a dozen business leaders led by David Cuthbertson.

The brand is familiar to the area. American Community Bancshares in Monroe was sold in 2009 to Yadkin Financial. The current de novo’s organizers hired Randy Helton, a former American Community CEO, to help open the bank.

Organizers, who have had preliminary meetings with regulators, plan to start raising capital by June 30. The goal is to raise at least $20 million.

The group has hired other senior executives with ties to the former American Community. Randy Adcock, a former city executive for American Community, would become American Bank's CEO. Jennifer Harris, chief financial officer at Horry County State Bank, would have the same role at the de novo.

Three other proposed banks have recently changed their names.

New York Venture Bank has rebranded itself as Grasshopper Bank.

Organizers of Green Apple Bank & Trust in Springfield, Mass., are now planning to operate it as New Valley Bank & Trust, while the proposed Sterling Bank in Las Vegas is now called Catalyst Bank.

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Community banking De novo institutions Commercial lending Branding North Carolina New York Nevada Massachusetts