North Carolina bank has a new headquarters and brand

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Sound Bank has a new name and headquarters city.

The group that bought and recapitalized the $325 million-asset Sound in May rebranded it on Tuesday as Dogwood State Bank. The bank's corporate office was moved from Morehead City, N.C., to Raleigh, N.C.

“We ... are fully functional in our headquarters and newest branch,” Chief Administrative Officer Natasha Austin wrote in an email. A formal ribbon-cutting ceremony is set for Oct. 9.

Steve Jones, who was chief banking officer at Yadkin Financial when it was sold to F.N.B. Corp. in Pittsburgh, is the bank's CEO. The leadership team includes former Yadkin CEO Scott Custer, who is the executive chairman, and Greg Heaton, the bank’s president and a former region president for F.N.B. Austin was Yadkin's director of public relations and corporate communications.

The team originally planned to open a de novo bank but changed course after learning that Sound was available.

Before its sale, Sound was part of the $270 million-asset West Town Bancorp in North Riverside, Ill.

The newly renamed Dogwood State has four branches, including the new location in Raleigh. It plans to open a fifth location in Charlotte, N.C., this year.

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