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Report: Another NC de novo bank in the works

A new bank is in the works in Forsyth, N.C., according to the Winston-Salem Journal.

Organizers of the proposed Community Bank of the Carolinas intend to apply for a state bank charter and raise $25 million to $30 million in capital through a public offering of its common stock. They hope to secure regulatory approval in the third quarter and to open in Winston-Salem by the fourth quarter. The organizers have engaged the services of Nelson Mullins Riley & Scarborough LLP as legal counsel and of FinPro Inc. as regulatory adviser.

Community Bank of the Carolinas will be helmed by Simpson Brown, who had been CEO of TriStone Community Bank and who was more recently with Wake Forest University as assistant athletic director for student athlete development and operations finance. James Monroe Jr., formerly affiliated with Southern Community Financial Corp., is slated to be CFO.

Other organizers, such as Louis Baldwin Jr., Timothy Bohon, Lida Calvert-Hayes, Ashley Carros and William White III, will be on the bank's board, according to the news story.

The bank plans to serve individuals and small to medium-sized businesses in North Carolina's Forsyth, Davidson, Davie, Guilford, Stokes and Yadkin counties, the Winston-Salem Journal reported.