NC Banking Commission Approves Bank of Commerce Application

The North Carolina Banking Commission on July 20, 2005 approved an application for a bank charter that was submitted by Charlotte-based Bank of Commerce (Proposed). Bank of Commerce already has sold 946,588 shares of stock on its way to a 1.4 million share minimum target. A charter will be issued by the NC Banking Commission upon successful completion of the stock offering and a financial audit.

“The next milestone in the process is the approval of our application by the Federal Deposit Insurance Corporation (FDIC),” says Wes Sturges, bank President. “An FDIC decision is anticipated by September 15, 2005, which will clear the way for us to open for business in the fourth quarter of 2005.”

Bank of Commerce (Proposed) plans to serve the needs of small to mid-sized businesses in the Charlotte, NC area. From a midtown Charlotte office at 100 Queens Road, it will offer guidance to customers from experienced loan officers, in addition to start-up capital and other financial products and services. Online banking, courier service and extended deposit hours will be additional hallmarks of the Bank of Commerce (Proposed), www.bankofcommercenc.com.