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Organizers withdraw application; ‘Focus is investors, community’

WINSTON-SALEM — Community Bank of the Carolinas (proposed) is voluntarily withdrawing its charter application from the North Carolina Commissioner of Banks and its deposit insurance application from the FDIC. The bank had previously received conditional approval of its applications from the FDIC on Dec. 3, 2018, and the NCCOB on March 27.

The organizers are considering other alternatives that “could create a better bank in the long run,” according to proposed CEO Skip Brown. “There are several directions we could go that are promising,” said Brown. “Options are partnering with or acquiring another financial institution. But our focus right now is to stay true to our investors and the community.

“Taking a different path could have the potential of creating a better bank in the long run,” he said.

Although CBC’s initial public offering, launched last year, was well received by investors, with subscriptions from more than 350 investors, CBC is in the process of returning all funds to investors as required by regulators. “Our goal will be to provide an opportunity to all of our investors to invest in our new plan,” Brown said.

“We’ve spoken to a significant number of our investors and explained why we are going a different direction,” Brown added. “The new strategy is being well received by this group, and we look forward to providing them additional information about our new plans soon.”