Raleigh, N.C. - North State Bank president and CEO Larry Barbour announced that the bank's balances for community associations have exceeded $100 million.
"This marks a huge milestone for our bank," said Barbour. "Since our inception in 2000, we have been deeply committed to serving the banking needs of community associations through property management companies in our market area," Barbour later comments, "and we have not wavered from that promise. We have built a strong portfolio under the leadership of Sandra Temple and Greg Asbelle. Mrs. Temple is also president of Community Association Institute (CAI), the statewide trade association for property management companies, and is deeply rooted in the industry. I am pleased to report these numbers as we continue to grow and expand our relationships within this dynamic market."
North State Bank currently serves 32 property management companies in North Carolina - stretching from Morganton to Manteo. The bank also serves one property management company in Maryland. These companies accounted for $103 million in total deposits as of February 28, 2008.
Founded in 2000, North State Bank is a full-service community bank, serving Wake and New Hanover counties through seven full-service offices. Plans are underway for a loan production office to open in Morehead City, North Carolina, in spring 2008.
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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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