Wilmington, N.C. - On March 28, 2007, a groundbreaking ceremony was held to celebrate the start of construction for the new North State Bank building in Wilmington, NC. Larry Barbour, president and CEO of North State, announced plans to open the new banking office in late 2007.
North State Bank has operated a loan production office in Wilmington since June 2006. Due to its success and a growing market, the decision was easy to develop plans for a full-service office. The new 27,000 square foot, three-story building is located at the corner of Eastwood and Military Cutoff Roads. The bank will occupy the building's first floor, a total of 8,400 square feet. Phil Whittington, Wilmington market executive and seasoned banker, will lead the bank in its efforts in Wilmington, assisted by an experienced staff.
"Wilmington is a dynamic and growing city, made up of many of our niche markets," said Barbour. "Our bank is proud to be a part of what is going on there, and I look forward to the opening of our new office later this year. We already have great supporters in the Wilmington market, including our strong local board - Chairman Alan Toll, Mike Head, Mike Stonestreet, Kenneth White, MD, and Lionel Yow. We look forward to continued success as we expand our footprint beyond Wake County."
Founded in 2000, North State is a full-service community bank, serving Wake County through five full-services offices and New Hanover County through one loan production office. Plans are being developed for a full-service office to be located at 16 W. Martin Street, Raleigh, NC, where a lease has been signed.
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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 our ability to manage growth, our limited operating history, substantial changes in financial markets, regulatory changes, changes in interest rates, loss of deposits and loan demand to other savings and financial institutions, and changes in real estate values and the real estate market. 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.
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