Providence Bank Announces Planned Opening of Raleigh, North Carolina Location

Rhea-AI Summary

Providence Bank announces plans to expand into the Raleigh, NC market with a new office set to open in Q4 2020, pending regulatory approval. Located at 100 E. Six Forks Road, Suite 304, the branch aims to offer a comprehensive range of banking services to individuals and businesses in Wake County. As of June 30, 2020, the bank reported total assets of $563.9 million and has earned a Five-Star rating from Bauer Financial. This represents a strategic move to deepen existing relationships and attract new clients in the area.

Positive

• New branch opening in Raleigh, expanding market presence.
• Total assets of $563.9 million as of June 30, 2020, indicating solid financial footing.
• Five-Star rating by Bauer Financial, showcasing superior performance.

Negative

• None.

ROCKY MOUNT and RALEIGH, NC / ACCESSWIRE / September 1, 2020 / Providence Bank (the "Bank"), is pleased to announce its planned expansion into the Raleigh, NC market. The new office, scheduled to open in the 4^th quarter of 2020 subject to approval by federal and state banking regulators, will be located at 100 E. Six Forks Road, Suite 304, in Raleigh. Founded in 2006, the Bank has been dedicated to serving its communities for more than 14 years and is known for its high-touch customer service. The new branch will offer a full suite of banking products and services to individuals and businesses in Wake County.

Ted E. Whitehurst, President & CEO, commented, "We've been an active lender throughout the Wake County market for over 10 years and have been fortunate enough to develop relationships with some of the area's most innovative and enterprising businesses and real estate developers. We're excited to deepen those relationships while also broadening our reach to other businesses and individuals who would benefit from a banking experience tailored to their financial needs."

PB Financial Corporation, the holding company for Providence Bank, had total assets of $563.9 million as of June 30, 2020. The Bank currently has five branches serving Rocky Mount, Tarboro, Nashville and Wilson. The Bank received a superior Five-Star rating by Bauer Financial, an independent bank and credit union rating firm, and received a third-place ranking by the Financial Management Consulting Group for overall performance in 2019 when compared to all North Carolina state-chartered financial institutions. This was the sixth year in a row that the Bank was ranked in the top four in overall performance. More information can be obtained by visiting our web site at www.pbknc.com. Providence Bank is a wholly owned subsidiary of PB Financial Corporation (OTCQX:PBNC), a North Carolina corporation and a bank holding company.

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding PB Financial Corporation. Those statements may include but are not limited to statements regarding the Company's plans, objectives, expectations and intentions and other statements identified by words such as "believes," "considers," "expects," "anticipates," "estimates," "intends," "plans," "targets," "projects," "would be," and similar expressions. These statements are based upon current beliefs and expectations of management of PB Financial Corporation and are subject to significant risks and uncertainties. Actual or future results or events may differ from those set forth in the forward-looking statements. PB Financial Corporation does not undertake to update any forward-looking statements in this press release. The information as of and for the quarter ended June 30, 2020 as presented is unaudited.

SOURCE: PB Financial Corporation

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FAQ

What is Providence Bank's plan for Raleigh, NC?

Providence Bank plans to open a new office in Raleigh in Q4 2020, pending regulatory approval.

What services will be offered at the new Raleigh branch?

The Raleigh branch will provide a full suite of banking products and services to individuals and businesses.

What are the total assets of Providence Bank?

As of June 30, 2020, Providence Bank had total assets of $563.9 million.

What rating did Providence Bank receive from Bauer Financial?

Providence Bank received a superior Five-Star rating from Bauer Financial.

When is the new branch of Providence Bank expected to open?

The new branch is scheduled to open in the fourth quarter of 2020, subject to regulatory approval.