Proposed Winston-Salem bank begins organization process

Proposed Winston-Salem bank begins organization process
March 22
05:00 2018

Name and CEO announced

Former University of Wake Forest basketball player Simpson “Skip” O. Brown Jr. has resigned as assistant athletic director for Student Athlete Development and Operations Finance at his alma mater and announced plans to form a new community bank in Winston-Salem.

The new, proposed bank will be called Community Bank of the Carolinas and plans to open its first branch and headquarters in Winston-Salem. Brown will serve as the bank’s chief executive officer, and James “Jim” C. Monroe Jr. has agreed to serve as the bank’s chief financial officer.

“We are excited to bring a community bank with a strong banking business model emphasizing service to customers and local decision-making to Winston-Salem,” Brown said. “We believe those customers who desire a personalized banking experience are being underserved by larger banks in our area.”

Brown and Monroe are leading the effort to compile an experienced group of organizers with strong ties to the Winston-Salem community. Louis B. Baldwin Jr., Timothy D. Bohon, Lida Calvert-Hayes, Ashley K. Carros and William “Will” G. White III have joined Brown and Monroe as organizers of the bank, with other individuals to be named later. Each of the organizers has agreed to serve on the bank’s Board of Directors if approved by the bank’s regulators.

The proposed Community Bank of the Carolinas plans to focus on serving local bank customers looking for a more personalized banking experience, which the bank’s organizers feel the area is currently lacking due to the void of community banks caused by several recent mergers and acquisitions. The bank will focus its efforts on serving individuals and small- to medium-sized businesses in the Winston-Salem area and surrounding Forsyth, Guilford, Davidson, Davie, Yadkin and Stokes Counties.

The bank’s organizers are focused on obtaining funding for the organizational process and preparing a comprehensive business plan. Once these steps are completed, they plan to file an application for a North Carolina state bank charter with the North Carolina Office of the Commissioner of Banks (NCCOB) and for deposit insurance with the FDIC. The organizers hope to receive preliminary approval from the NCCOB and the FDIC during the third quarter of 2018 and anticipate opening for business in the fourth quarter of 2018. The bank expects to raise its initial capital through a public offering of its common stock.

Brown has more than 35 years of banking experience, including his founding of TriStone Community Bank, for which he served as president and CEO until its sale to First Community Bank.  Monroe has worked in the banking industry for over 35 years, having served in various treasury roles for several banks throughout the country.

The bank’s organizers have engaged Nelson Mullins Riley & Scarborough LLP as legal counsel and FinPro Inc. as regulatory advisers.

See related column on page A6.

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