Charlotte’s banking sector is gaining a new name, with Seneca, S.C.-based Community First Bank announcing Thursday plans to open a loan-production office in the city.
Community First said the Charlotte office is scheduled to open June 15 in the Midtown Centre office building, near the Metropolitan development in midtown. Banks sometimes open loan-production offices as a way to test a market before deciding to open branches there. Loan-production offices can process loan applications but not approve loans or accept deposits.
It’s the latest move by Community First, which has no branches in North Carolina, to grow its presence in the state after opening a loan-production office earlier this year in Concord. Last year, Community First opened a similar office in Fort Mill, S.C., its first in the Charlotte metropolitan area.
Community First has two other loan-production offices, which also opened last year. They are in South Carolina’s Greenville and Spartanburg.
Started in 1990, Community First is part of Community First Bancorporation, which has about $340 million in assets and seven branches, all in upstate South Carolina.