Community Capital Bancshares Inc. of Albany, Ga., has purchased the leading mortgage company in Charleston, S.C., and said it plans to start a bank there.
The $230 million-asset company said Wednesday that it had completed the acquisition of East Bay Capital Mortgage and that the operations will be moved to Community Capital’s new loan production office in Charleston.
Bob Lee, Community Capital’s president, said in a press release that his 6-year-old company was preparing an application to open a federally chartered thrift in Charleston.
Mr. Lee said Charleston’s rapid growth and coastal location would help Community Capital expand. Capital's two banking subsidiaries are in Albany and in Auburn, Ala., both of which are smaller, land-locked markets.
