North Carolina de novo inches closer to opening
Community Bank of the Carolinas in Winston-Salem, N.C., is one step closer to becoming the first bank to open in the state since the financial crisis.
Organizers said in a press release Friday that they have been granted a provisional state charter from the North Carolina Commissioner of Banks. The charter is contingent upon the group completing its initial public offering.
The group said it has about $18.3 million in commitments from local investors, or 81% of the $22.5 million required for regulatory approval.
Community Bank of the Carolinas received conditional approval from the FDIC in December. It's taken the group longer than originally planned to raise their initial funding. The group said in December it hoped to open the bank by early March.
“We’re very close to opening our doors to the community,” Skip Brown, the proposed bank's chairman and CEO, said in the release. “So many people have been part of this effort. They understand the importance and relevance a community bank brings to customers and businesses. It’s an exciting time for all of us.”
Brown said he expects the bank to open in the second quarter.
The public offering, priced at $11 a share, will expire on or before June 30. Proceeds from the offering, which is expected to raise $22.5 million to $25 million, will go to capitalize the bank and fund ongoing operations.
American Bank & Trust, a de novo effort in Monroe, N.C., has also received approval from the FDIC and state banking commission.