CBC stock offering benefitting from growing local interest, investor momentum

Published 12:00 am Thursday, November 15, 2018

WINSTON-SALEM — The initial public offering of the proposed Community Bank of the Carolinas of Winston-Salem is nearing its goal in the wake of growing community interest and investor momentum.

Since June when the bank was given regulatory approval to issue common stock, organizers have raised approximately 70 percent or $18 million of the total capital required by the North Carolina Commissioner of Banks to open as a state chartered bank. Nearly 500 local investors have participated in the IPO.

“The energy behind this stock offering has grown significantly over the past several weeks,” said chairman and CEO Skip Brown. “Investors realize that the consolidation of the financial industry has all but eliminated community banking in our area. Whatever the industry, customers will never tire of high-end, personal attention.

“There is a market for us — a powerfully untapped market of small business and consumers underserved by big institutions in our area, individuals who prefer to do business with a local bank.”

According to a business publication survey this year, 72 percent of respondents said that North Carolina needs more community banks. The last de novo bank to open in the state was in 2014. This year, Community Bank of the Carolinas is one of four new start-up banks in the state raising capital and the only one in the Triad Region. The other three banks will make their homes in Statesville, Monroe and Raleigh.

“The economy is right and the timing is perfect to bring community banking back,” Brown said. “Customers want financial partners who are nimble and responsive. They want professionals who are friendly, caring and knowledgeable.”

The public offering, priced at $11 per share, is currently ongoing but will expire on or before Dec. 31, provided all shares are sold. Organizers, however, have the option to extend the deadline.

The offering is expected to raise between $25 million to $30 million, based on a minimum sale of 2,272,728 shares of common stock to a maximum sale of 2,727,273 shares of common stock. Investors have the option to purchase a minimum 2,000 shares up to a maximum of 100,000 shares.

Community Bank of the Carolinas will be headquartered at 312 Jonestown Road in Winston-Salem, the former headquarters of TriStone Community Bank before it was acquired in 2009.

Proceeds from the offering will go to capitalize the bank and ongoing operations. For more information, go to www.mycommunitybankcbc.com.