Press Releases

Providence Bank Taps Growing Market
By Tom Murphy, Rocky Mount Telegram
May 8, 2006

Providence Bank is officially open for business.

The bank marked its opening with a ribbon cutting Tuesday, attended by its board of directors, bank officers, elected officials, State Banking Association and Rocky Mount Area Chamber of Commerce representatives.

During the past four months, the bank has completed all the regulatory and financial requirements to open its doors, bank President and Chief Executive Officer John Barker said.

"The grand opening week was a tremendous success," Barker said. "We have had many customers come by and open accounts — far beyond our expectations.

"We at Providence Bank believe that Rocky Mount and the surrounding area are in an expansion period, and that a number of wonderful projects are on the horizon. We at Providence Bank will do everything we can to help this progress continue."

Barker said it is the vision of Providence Bank to provide the most modern banking services and exceptional service to people in the community.

"We intend to offer great savings plans and rates to meet their personal and business needs and to assist in structuring loan products to achieve their goals," he said.

In January, the bank completed a successful campaign to sell all its stock, Barker said.

"The overwhelming acceptance by the community of our stock certified our belief that a bank with our mission and business plan is sought after in Rocky Mount and the surrounding area," he said. "Providence Bank has been created by a prominent group of businessmen and businesswomen in Rocky Mount and Tarboro to provide personal banking services to the citizens of this area."

In February, Providence Bank was incorporated by the N.C. Secretary of State and given authority to conduct business in the state, Barker said. In early March, the bank received regulatory approval from the N.C. Commissioner of Banks to operate as a commercial bank, he said.

Barker said the final regulatory approval came March 9 from the Federal Deposit Insurance Corp., when it provided deposit insurance to the accounts maintained at Providence Bank.

"During the past few months, Providence Bank has assembled a group of highly skilled professionals who know the type of customers that live and work in our area," Barker said.

Ted Whitehurst was hired as executive vice president and chief lending officer. Charlie Wells joined the bank as a senior vice president and senior commercial lender. Both men bring more than 20 years of banking experience to the community, Barker said.

Other bank employees include Gail Cheshire, senior vice president and chief financial officer, and Linda Hendricks, branch manager. Joy Barrett and Charquinta Morgan provide deposit and retail lending services to the bank's customers. Vickie Flowers is in customer service in the bank's retail office.

Trudy Brinson is operations manager and security and compliance officer. Robin Connie provides loan support to commercial customers. Kari Pate is executive assistant to the bank's management team. Lisa Connie administers the bank's document imaging area.

"Providence Bank has been very fortunate to obtain this group of individuals with such outstanding qualities and banking expertise on its team," Barker said. "We will be able to provide our customers with first-class service."