Sound Bank has changed its name to Dogwood State Bank and moved its headquarters from Morehead City to Raleigh.
The relocation to 5401 Six Forks Road had a soft opening in September.
“We’ve had a really good reception from the business community here,” said CEO Steve Jones. “Our goal is to have a statewide community bank and this provides a central location to be based out of.”
As part of its rebranding plan, Dogwood State Bank completed a recapitalization in May and restructured the bank’s board of directors and senior executive team to oversee approximately $325 million in total assets.
“Raleigh is a very vibrant community where we think a community bank should be operated,” Jones said. “We’ve got strong Triangle ties to the banking and business community.“
The bank’s growth is set to continue with a new location in Charlotte that they are close to signing a lease on, he said. The location will be in Charlotte’s South Point, as first reported by the Triangle Business Journal.
Chief administrative officer Natasha Austin told the Triangle Business Journal that the Sound Bank ATMs have been decommissioned and that customers can use any ATM across any network. It will refund $20 per month in ATM fees for customers.
There will be no changes to existing Sound Bank customers’ accounts or cards other than a new name and logo on new cards and checks. Dogwood State Bank’s business lines will continue to be retail banking, commercial banking and government guaranteed lending.
Jones said the bank hired more than 25 people for its new headquarters and will offer new jobs to meet the bank’s coming growth.
The bank now has four locations, in Raleigh, Morehead City, Greenville and Wilmington.