Greensboro Banks: History

  • 1903: Gate City Savings and Loan, founded. Acquired by Branch Bank and Trust Co. in April 1992.
  • 1907: The Home Savings Bank opened with capital of $25,000. Merged into Greensboro Loan & Trust Co. Jan 1, 1914.
  • 1907: Greensboro commercial and Savings Bank opened with capital of $200,000. Changed name to Commercial National Bank in 1908 and merged into American Exchange National Bank in 1911.
  • 1914: 1st Home Federal. Sold to four companies, the largest portions going to CCB and BB&T in 1993.
  • 1923: The Greensboro Joint Stock Land Bank opened with capital of $250,000. Moved to Raleigh in 1936.
  • 1929: North Carolina Bank & Trust Co. established with capital of $4 million. This bank was result of merger of Atlantic Bank & Trust Co. and American Exchange National Bank of Greensboro, The Murchison Bank of Wilmington, Citizens Bank of Raleigh, The Bank of Rocky Mount and Rocky Mount Savings & Trust Co. Closed by banking holiday March 6, 1933 and never reopened.
  • 1930: The North Carolina Industrial Bank organized with capital of $525,000. Closed permanently with banking holiday March 6, 1933.
  • 1930: The Home Industrial Bank opened with capital of $125,000. Changed name in 1943 to Bank of Greensboro. Acquired by First Union National Bank of Charlotte in 1963.
  • Dec 30, 1931 the United Bank & Trust Company, one of Greensboro’s two commercial banks fails, reorganizes and reopens in July, 1932, and fails again on February 8, 1933.
  • Mar 1933: Greensboro’s second bank fails.
  • 1933: The Security National Bank opened with capital of $750,000. Acquired Guilford National Bank in 1960 and merged with American Commercial Bank of Charlotte to become North Carolina National Bank.
  • 1934: The Guilford National Bank opened with capital of $250,000. Merged with Security National Bank in 1960.
  • 1945: City Industrial & Savings Bank opened with capital of $150,000. Acquired by Wachovia Bank & Trust Co. in 1956.
  • 1950: Greensboro had four banks and two savings and loan associations, all locally owned or controlled.
  • 1958: Mid-Carolina Bank, opened in May, acquired by the Holden brothers of Raleigh in 1959 and merged into the First Citizens Bank system in April 1961.
  • 1959: American Federal Savings and Loan Association was founded. Merged into Mutual Community Savings Bank of Durham in 1990.
  • 1959:J. Kenneth Lee organizes American Federal Savings & Loan Association of Greensboro (later Mutual Community Savings Bank) as the first federally chartered black financial institution in the state.
  • 1970: Community Bank opened with capital of $1.6 million. Acquired by Southern National Bank in 1984.
  • 1971: Greensboro National Bank opened in November, with capital of $700,000. Acquired by Mutual Community Savings Bank of Durham in September 1995.
  • 1975: Gateway Bank opened with capital of $4 million. Merged into Northwestern Bank in 1981.
  • 1978:1st Home Federal Savings and Loan Association is the state’s largest S&L.
  • 1979: Scottish Savings and Loan, opened in April. Merged into Southeastern Savings and Loan in January 1984.
  • 1982: Triad Bank opened with capital of $2.75 million. Merged with United Carolina Bank in 1996.
  • 1982: First American Federal Savings Bank, relocated headquarters from Asheboro to Greensboro, seized by Resolution Trust Corp. in June 1992 and liquidated.
  • 1982: Triad Bank, opened in October. Merged with United Carolina Bancshares in 1995.
  • 1983: Northwestern Financial Corp., relocated headquarters to Greensboro. Acquired by First Union Corp. of Charlotte, June 1985.
  • 1986: Piedmont State Bank opened with capital of $4.5 million. Acquired by Bankers Trust of North Carolina in 1992.
  • 1987: Bankers Trust of North Carolina opened with capital of $7.7 million. Acquired Piedmont State Bank in 1992. Acquired by Triad Bank in 1993.
  • 1996: Carolina Savings Bank opened with capital of $7.15 million. In 1997 it switched its charter from a savings bank to a commercial bank and changed its name to The Carolina Bank.
  • 2000: SterlingSouth Bank & Trust opened with $10 million in capital. Sold to BNC, holding company for Bank of North Carolina in 2006.
  • Feb/Mar 2007: Greensboro lands the headquarters for a newly merged, $2 billion regional bank. The merger of FNB Southeast, which is already based in Greensboro, and Lexington State Bank in Lexington will create the seventh-largest North Carolina-based financial institution. The company will be named NewBridge Bancorp.
  • Dec 2009: NewBridge Bancorp announces that its banking subsidiary NewBridge Bank plans to acquire Bradford Mortgage Co. of Winston-Salem. Bradford is a subsidiary of ACM Financial Trust. The deal is expected to close Dec. 31.
  • Apr. 2014: NewBridge announced the completion of its takeover of Raleigh's CapStone Bank. The deal adds four offices with total assets of $2.4 billion and 40 branches in North Carolina.
  • Oct. 2014: NewBridge Bancorpand Premier Commercial Bank,both of Greensboro announce merger. The new Greensboro-based community bank will have assets of $2.6 billion.
  • Jan 2015:NewBridge Bank was recognized as the fourth most active lender in the U.S. Treasury Department small-business lending program and the most active in North Carolina.
  • Oct. 2015: Raleigh-based Yadkin Financial Corp announced that they would acquire Greensboro's NewsBridge Bankcorp. The transaction has been unanimously approved by the boards of directors and is expected to close early in the second quarter of 2016. NewBridge has $2.8 billion in assets, has 42 branches and is the largest community bank in the 12-county Piedmont Triad.
  • Oct. 2015: NewBridge Bancorp announced its per share value increased to $5.95 in the third quarter ending Sept. 30.
  • March 2016: Yadkin Financial Corp'sacquisitionof NewBridge is completed.
  • Jun 22, 2016: First Bank of Southern Pines announces the purchase of the last downtown Greensboro bank for $97.3 million - or $19.26 per share.
Source: News & Record archive

Compiled by Diane Lamb, News & Record Researcher

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