A group of Union County business leaders has announced the name of a new community bank they plan to form in Monroe: American Bank & Trust.
Organizers led by homebuilder David Cutherberston unveiled plans for the Union County bank in February. The proposed bank's leaders said Tuesday they intend to launch an initial public offering of common stock before June 30, with a goal of raising at least $20 million in capital.
American Bank & Trust organizers noted Tuesday Union County's history of banks with American in their name, including American Commercial Savings Bank, a Monroe-based institution that merged in 1994 with First Union National Bank. Another is Monroe's American Community Bank, which merged with Yadkin Bank in 2009.
Randy Helton, who founded American Community Bank in 1998, is assisting in the formation of the proposed bank.
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Also Tuesday, organizers said longtime bankers Jennifer W. Harris and Steven Barnes will serve as chief financial officer and market executive for western Union County, respectively.
North Carolina has not had a new bank start up in the state since Jacksonville’s Coastal Bank and Trust, which applied for its charter in 2008 and opened the following year. Plans announced in recent months by American Bank and others could bring that pause to an end.
Elsewhere in the Charlotte region, a separate group in March announced a proposed community bank in Statesville. At the time, organizers said that institution, Spirit Community Bank, still required regulatory approvals but could open in the third quarter of this year.
In Winston-Salem, state regulatory approval is being sought to form Community Bank of the Carolinas.