TrustAtlantic Bank Celebrates Five Year AnniversaryRaleigh, N.C.—June 26, 2012—TrustAtlantic Financial Corporation (the "Company") today announced that June 7th marked the five year anniversary of the operation of its wholly owned subsidiary, TrustAtlantic Bank (the "Bank"). On that day in 2007 the Company completed the acquisition of Greenville, NC-based Millennia Community Bank, which it then substantially recapitalized and renamed TrustAtlantic.
"We are very proud of the progress we've made in five short years, especially given the unprecedented economic conditions that have impacted us all," said James A. Beck, President and Chief Executive Officer of TrustAtlantic Bank. "Despite these economic challenges, we have grown from a small single location bank with a handful of employees to a dynamic institution serving customers with 55 professional bankers through four offices in Raleigh, Cary and Greenville. We would like to thank our customers, shareholders, employees and Board of Directors for helping us achieve success during a period when so many companies in various industries have struggled or had to close their doors."
After completing the second largest equity raise for a new banking company in North Carolina history (through a private offering), the Company acquired the Greenville, NC based Millennia Community Bank, and moved the headquarters to Raleigh. Since that time, in addition to the original location in Greenville, the Company has added two full service banking locations in Raleigh and one in Cary. When the Company acquired Millennia Community Bank, it had just over $30 million in total assets. During the past five years operating as TrustAtlantic, the Bank has grown to over $360 million in total assets and has consistently been considered "well-capitalized" by regulatory standards. In addition, the Bank was profitable for 2010, 2011 and 2012 year-to-date, including five consecutive quarters of profitability, which began in the first quarter of 2011.
"The banking landscape is changing dramatically and will likely continue to do so over the next several years," stated Beck. "We believe our model of hiring talented, customer focused bankers with strong local community ties will allow us to continue to grow and succeed."
About TrustAtlantic Bank:
Headquartered in Raleigh, North Carolina, TrustAtlantic Bank is the wholly owned subsidiary of TrustAtlantic Financial Corporation. The Bank's primary competitive focus is to build broad financial relationships with mid-market businesses and their owners, professionals and other individuals who desire value-added service. The Bank operates one banking office in Greenville, two in Raleigh, and one in Cary, and anticipates opening additional branch offices in the greater Raleigh-Cary metro areas as well as Greenville in the coming years.