TrustAtlantic Financial Names Greenville DirectorRaleigh, N.C.—November 13, 2006—TrustAtlantic Financial Corporation announced today that Thomas J. Glennon was recently appointed to serve on the company's Board of Directors. Mr. Glennon is a long time resident of Greenville, NC, where he manages a group of business ventures and investments. Among other properties, he is the owner of the Greenville Hilton, the Cary Comfort Suites and the Medical Park of Cary complex. He has also started and managed numerous business ventures throughout his career, including entities in the textile, real estate, hospitality and life sciences industries.
In making the announcement, E. Stephen Stroud, Chairman of the Board of TrustAtlantic, said, "We are extremely fortunate to have Tom Glennon join our team. His diverse business background and knowledge of the Greenville community will play a significant role in our company's future success. Tom shares our vision and certainly complements the strengths of our existing board."
In discussing his recent appointment, Mr. Glennon stated, "I am extremely excited about the opportunity to work with my fellow directors and management of TrustAtlantic. There is a real opportunity in the eastern part of our state for a bank that is dedicated to the mid-market business segment and which can provide high quality products and services. TrustAtlantic is poised to fulfill this niche and I look forward to participating in the growth and success of this endeavor."
Mr. Glennon is the eleventh member to be named to the TrustAtlantic board. The board is comprised of a diverse group of business leaders with extensive experience in many industries throughout North Carolina, and will be responsible for overseeing TrustAtlantic's strategic growth plan in the greater Raleigh and Greenville markets. In addition to his many business ventures, Mr. Glennon is Executive Director of the Greenville Convention Center and also serves as Director and Secretary of the East Carolina University Foundation.
TrustAtlantic Financial Corporation, headquartered in Raleigh, NC, has entered into a definitive agreement to acquire Millennia Community Bank, in Greenville, NC, subject to regulatory approvals. The company expects to finalize its capital raise and complete its acquisition later this year, at which point Millennia Community Bank will operate as TrustAtlantic Bank. The bank's primary competitive focus will be to build broad financial relationships with mid market businesses and their owners, professionals and other individuals who desire value-added service. The company anticipates operating branch offices in the greater Raleigh-Cary metro area, as well as Greenville, and may consider expansion into other growth areas of the state in the future.