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North Carolina startup bank raises $22.5M, opens doors

Monroe, N.C.-based American Bank & Trust opened its doors May 20, becoming the first de novo bank to open in the state in over 10 years, according to a press release.

The bank needed to raise at least $22 million in capital, President and CEO Randy Adcock said in an interview. According to the press release, the bank had raised approximately $22.5 million upon opening. Adcock said the bank is allowed to sell up to $26.4 million in common stock and will continue to offer shares through June 30.

The bank is renovating a second branch in Wingate, N.C., which it plans to open in June, said Adcock. There are no bank branches in Wingate, according to S&P Global Market Intelligence data.

"We are committed to being the bank of choice in our market area for customers who are looking for a higher level of service," Adcock said in a statement.

"All decisions are made here in Union County, not out of area or out of state ... that means a lot," he added in the interview.

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North Carolina is a hotbed of banking and financial technology activity, and Charlotte is where some of the nation's biggest banks have their headquarters. Monroe is located less than 30 miles Southeast of Charlotte. Three other de novo banks attempted to open in the state in 2018 but subsequently withdrew their applications.

American Bank & Trust is still involved in a lawsuit with Danville, Va.-based American National Bankshares Inc. and its subsidiary American National Bank and Trust Co. over the startup's name. American National Bankshares could not be reached for comment.