RALEIGH, N.C . . . On June 1, 2010, North State Bank marked the tenth anniversary of its opening, announced Larry D. Barbour, president and CEO for North State Bank and the bank’s holding company North State Bancorp (the “Company” - OTC: NSBC).
“An anniversary offers the opportunity to look back and reflect on all that has happened,” Barbour said. “As we did that, we saw how blessed we have been and how much we have to celebrate—a lot of goals achieved and milestones passed.”
Milestones include:
- Opened for business June 1, 2000, in Raleigh and Garner, NC with a commitment of offering “relationship banking.” On June 30, 2000 total assets stood at $26.5 million.
- Reached profitability in June 2001.
- Celebrated opening offices in West Raleigh, Wake Forest, Midtown at North Hills, and Downtown Raleigh.
- Expanded outside of Wake County into New Hanover County in October 2006.
- Exceeded $500 million in assets in third quarter 2007.
- Surpassed $100 million in deposits from community association management firms in May 2008.
- Created CommunityPLUS, a new division formed to mark our commitment to serving our community association management customers, in February 2009.
- Raised $743,000 in our fundraising efforts for Hospice of Wake County through annual “Summer Salute” in just six years of hosting the event.
- Re-established corporate headquarters at Falls of Neuse and Spring Forest in North Raleigh in August 2009.
- Ranked eighth in deposit market share in Wake County and fifteenth in deposit market share in New Hanover County as of June 30, 2009, as reported by the FDIC.
- Acquired Affiliated Mortgage to form North State Bank Mortgage in February 2010.
- Reached total assets of $701.1 million as of March 31, 2010.
“This decade was marked by these successes and milestones for our Company and marked as well by difficult events in our nation that were nearly unprecedented—from September 11, 2001, to the deepest period of recession since the Great Depression—a recession we are still dealing with,” Barbour continued. “As we look forward to the next decade, we will continue to measure our true success through the trust of our shareholders, the passion and commitment of our dedicated staff, and the loyalty of our customers.”
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North State Bancorp is listed on the OTC electronic bulletin board under the symbol “NSBC”. www.northstatebank.com
This news release contains forward-looking statements. The actual results might differ materially from those projected in the forward-looking statements for various reasons, including, changes in real estate values and the real estate market, regulatory changes and increased deposit insurance assessments, economic conditions, changes in interest rates, substantial changes in financial markets, our ability to manage growth and loss of deposits and loan demand to other savings and financial institutions. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Company's SEC filings, including its periodic reports under the Securities Exchange Act of 1934, as amended, copies of which are available upon request from the Company and at www.northstatebank.com. 
