Raleigh, N.C. - North State Bank closed the purchase for 1.73 acres of land located at 6200 Falls of Neuse Road on May 31, 2007, announced Larry D. Barbour, president and CEO for North State.
"I look forward to building a new facility on this property which is just in front of our flagship office where it all began for our Raleigh operation," said Barbour. "Our Raleigh roots lie on this property, and this land purchase and subsequent building will enable us to grow deposit market share in the North Raleigh area where we already have a strong presence."
"Because of our deep commitment to this vibrant market in Wake County," Barbour later comments, "we plan to take advantage of this purchase by building a significant building on this site. I am so pleased with our bank's progress, with six Wake County offices in just seven years."
Construction is set to begin in late 2008 for the proposed multi-story full-service banking office.
Founded in 2000, North State is a full-service community bank, serving Wake County through five full-service 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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