TrustAtlantic Bank Surpasses $200 Million in Assets at One Year AnniversaryRaleigh, N.C.—June 03, 2008—TrustAtlantic Bank, the wholly owned subsidiary of TrustAtlantic Financial Corporation, announced today that it has reached a corporate milestone by surpassing $200 million in total assets within just one year of operation.
TrustAtlantic Financial Corporation acquired the $32 million asset Millennia Community Bank in Greenville, North Carolina on June 7, 2007 after a successful $45 million private placement offering. TrustAtlantic Financial injected substantial additional capital into the bank, provided new management and changed the bank's name to TrustAtlantic Bank.
"Surpassing $200 million in assets by our one year anniversary is an exciting accomplishment for our company," stated James A. Beck, President and Chief Executive Officer of TrustAtlantic Bank. "We are extremely pleased with the way companies and individuals alike in the Wake and Pitt County markets have responded to our approach to doing business, and we are equally pleased with the resulting growth during the past year. It certainly confirms the validity of our business plan and is a testament to the hard work and commitment of our exceptional team of bankers."
TrustAtlantic Bank also announced that it has signed a lease for a new facility located at 130 Preston Executive Drive in Cary, North Carolina. The bank is in the process of getting regulatory approval to operate the office suite as a banking facility that will serve the Cary community. Once appropriate approvals are received, the bank will make loans and accept deposits from this facility, but expects this to be a temporary office location until a free standing full-service location is obtained.
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 two banking offices in Greenville and two in Raleigh, and anticipates opening additional branch offices in the greater Raleigh-Cary metro areas as well as Greenville in the coming years.