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North Carolina de novo American Bank & Trust applies for deposit insurance

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North Carolina de novo American Bank & Trust applies for deposit insurance

De novo bank American Bank & Trust applied for deposit insurance Aug. 31, according to the Federal Deposit Insurance Corp. website.

The group organizing the de novo is composed of 12 individuals led by David Cuthbertson and Randy Helton. Cuthbertson is CEO of home builder True Homes USA; Helton is former CEO of the former American Community Bancshares Inc., the former parent company of American Community Bank.

American Bank & Trust will start out with a seven-member board, and proposed names include Ingram Walters, Wesley Hinson, Donna Rushing Hosaflook, Benjamin Russell, Frank Howey, Vann Walters and Steven Helms, plus Cuthbertson and W. R. Adcock, the Charlotte (N.C.) Business Journal reported May 29. Adcock will also be the bank's president and CEO, according to the report.

Jennifer Harris, former CFO of Horry County State Bank, will be CFO of the de novo bank. Organizers of American Bank & Trust are planning to have two branches in the beginning, with headquarters in downtown Monroe and the other branch in Wingate, N.C., the news outlet reported.

Attorney Todd Eveson with Wyrick Robbins Yates & Ponton LLP, and retired attorney Tony Gaeta are helping American Bank & Trust organizers with the charter process, according to the news outlet.