Local Investors to Buy First Carolina State Bank and Pisgah Community Bank

ROCKY MOUNT and ASHEVILLE, N.C., Sept. 21, 2011 /PRNewswire/ -- John A. Williams, founder and former chairman of the board of First Carolina State Bank in Rocky Mount announced today that he and a group of prominent businessmen from Rocky Mount and Greenville have joined together to acquire a controlling interest in First Carolina State Bank and Pisgah Community Bank located in Asheville, NC.  

Both First Carolina State Bank and Pisgah Community Bank are presently controlled by Capitol Bancorp Ltd., Lansing, Michigan and Phoenix, Arizona.  The investors joining Williams include Rocky Mount businessmen: Robert R. Mauldin, former chairman of Centura Banks, Inc; Thomas A. Betts, Donald Stallings, Charles A. Robbins, Jr. and Greenville businessman John J. Ferebee, Jr.

The transaction is subject to approval of the Federal Reserve Board and the North Carolina Commissioner of Banks and is anticipated to close by the end of 2011.  

Thomas A. Betts, a director and the corporate secretary of the new company that will become the bank holding company for both banks commented, "Both Rocky Mount and Asheville have recently endured heavy economic challenges. Our intention with this acquisition of two community-oriented commercial banks is to recapitalize and return them to being community-oriented lenders. A strong local community bank supported by local deposits and making a variety of loans in the local market will work to benefit the community. We are pleased to be able to offer real hometown banking to Rocky Mount, Asheville and their surrounding communities as well. You will speak directly to your banker who is empowered to make decisions and provide the personal service you deserve."

The latest financial data indicates that First Carolina State Bank had total assets at June 30, 2011 of approximately $95 million.  At the same date, Pisgah Community Bank had total assets of approximately $30 million.  First Carolina State Bank has offices in Rocky Mount, Greenville and Reidsville. Pisgah Community Bank has one office in Asheville.  

SOURCE Thomas A. Betts