Charlotte-based CommunityOne Bancorp, the parent of CommunityOne Bank, said Wednesday it’s making its first expansion outside North Carolina with a commercial loan production office in Mount Pleasant, S.C., just outside Charleston.
In a statement, Bob Reid, president and CEO of CommunityOne, said the expansion into South Carolina is part of the company’s strategy for long-term growth.
“The Charleston market is so dynamic that it really stands out as the right choice for our first South Carolina location,” Reid said.
CommunityOne, which operates 45 branches across the state, holds less than 1 percent of North Carolina deposits, according to FDIC data.
Brooks Melton, who will lead the Charleston office, said in a statement: “Looking beyond the initial phases ... we plan to opportunistically add lines of business as we are able to identify the right people.”
Melton said the company plans to have five people focused on commercial lending at the new office. It will be at 260-C W. Coleman Blvd. in Mount Pleasant, and should be open in August, according to a news release.