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Proposed bank in North Carolina launches IPO

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Proposed bank in North Carolina launches IPO

Spirit Community Bank is offering to the public up to 3 million common shares at an initial offering price of $10 apiece, according to an announcement posted on its website.

The offering is initially scheduled to close when all shares are sold or on Sept. 30, but the deadline may be extended at the discretion of Spirit Community Bank's organizers.

Spirit Community Bank, an independent community bank being formed in Statesville, N.C., will sell a minimum of 2,690,000 shares for a total of $26.9 million or a maximum of 3,000,000 shares for $30.0 million.

The bank is currently seeking a state charter from the North Carolina Commissioner of Banks. It will open as a full-service commercial bank with deposits insured by the Federal Deposit Insurance Corp. upon meeting its minimum offering amount and receiving final approval from banking regulators.

Expected to open in the fall, the headquarters of Spirit Community Bank will be located at 139 East Broad Street. William Long Sr. will be the bank's proposed president and CEO, Kristi Eller the proposed COO and Thomas Kincaid III the proposed chief lending officer.

Serving as organizers are Long, Matthew Redmond, Costi Kutteh, Gloria Hager, Caroline Brown, John Douglas Jr. and Kristina Ray.