Reidsville bank approved to raise capital
Reidsville Community Bank has received regulatory approval to start raising capital, according to an announcement from the proposed financial institution.
The bank hopes to raise about $7.5 million in working capital and plans to seek out between 150 and 250 local investors to buy into at least $1,000 in stock during a limited offering. About half the bank's shares will be held by Capitol Bancorp Limited, the Lansing, Mich.-based bank holding company launching the Rockingham County bank.
Capitol Bancorp, a publicly traded company that describes itself as a "bank development company," has 55 small banks in 15 states, as of last month. That includes Community Bank of Rowan in Salisbury and China Grove, and First Carolina State Bank in Rocky Mount.
The community bank will be run by industry veteran Bill Griffith, former president of Mutual Savings & Loan and former chief executive officer of Alamance Bank, which became CommunityOne Bank after a series of acquisitions and mergers that kicked off two years ago.
Griffith's management team and list of directors includes:
* Warren "Tim" Webb (proposed chief credit officer)
* Oliver Parker
* Bruce Citty
* James Festerman
* Drexall Dixon
* Teresa Knowles
* Mary J. Simpson
The bank plans to open a temporary location at 112 S. Main St. in Reidsville while officials wait for construction of their new facility, at 610 S. Scales St. in Reidsville.
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