Press Releases

Providence Bank Completes Successful Stock Sale
January 1, 2006

During the past three months Providence Bank has completed one of the most successful sales of community bank stock in this area. The Bank is very pleased to have received such overwhelming support from the community, reported John A. Barker, the proposed President and Chief Executive Officer of the new Bank. Providence has sold the maximum number of shares outlined in its offering circular. In addition the Board of Directors increased the number of shares by 60,000 shares to 1,260,000 during their December meeting. Those additional shares were sold within a week. We are currently compiling a future stockholder’s list of those individuals who missed the opportunity to invest in the Bank.
 
The level of sales has been achieved through the hard work of the Board and staff. The total capital raised through the stock sale was $13,860,000.00. This amount of capital will allow the Bank to begin operations with a strong foundation added Barker.

The past few months have been very exciting for Providence Bank (Proposed) Barker said. In November representatives of the Bank went before the North Carolina Banking Commission and received unanimous approval for its banking charter. The issuance of the charter is subject to the approval of the Federal Deposit Insurance Corporation, which the Bank believes will be forthcoming in the early part of January 2006.

We anticipate that the Bank will open for operations in the latter part of February 2006, Barker quoted. During the next two months the Bank will be hiring and training additional staff, initializing the Bank’s operating software and installing equipment to make sure our facility is ready for operations with the most modern and streamlined products available. The main office for the Bank will be located at 2401 Sunset Avenue.

Providence Bank has an arrangement where we can assist individuals with a commercial or retail loan now. Anyone interested in a loan should give us a call at 252-443-9477. We have funds available at very low rates and accommodating terms. The Bank will aggressively establish its presence in the Banking arena.