Tuesday, June 12, 2012 6:43:13 PM
BCAR - Bank of the Carolinas - $0.16
Bank of the Carolinas Corporation is the holding company for Bank of the Carolinas, a North Carolina chartered bank headquartered in Mocksville, NC with offices in Advance, Asheboro, Cleveland, Concord, Harrisburg, King, Landis, Lexington and Winston-Salem.
"It would be more accurate to call it Bank of the North Carolina," the Hoovers company description says. "Bank of the Carolinas Corporation was formed in 2006 to be the holding company for Bank of the Carolinas, which provides traditional deposit and lending services to individuals and businesses through about 10 branches in central North Carolina. Deposit services include checking, savings, and money market accounts; IRAs; and CDs. Commercial real estate loans account for the largest portion of the company's loan portfolio; the bank's lending activities also include business, construction, and consumer loans, residential mortgages, and home equity lines of credit."
In September of 2011, the Federal Reserve entered into a written agreement with the company for it to serve as a "source of strength" for the bank. The banking unit had also been operating under a consent order between itself and the Federal Deposit Insurance Corp. since April of 2011.
In November 2011, American Banker reported that Eric E. Rhodes had resigned from the company, stepping down as CFO of the company's banking unit. "The $506 million-asset company said only that Rhodes was leaving for personal reasons. It has not yet named a replacement," the article explained.
Bank of the Carolinas was delisted from the Nasdaq, and arrived on the Pink Sheets on March 5, 2012, explains a recent article in The Business Journal. The bank had been under a warning from Nasdaq since it fell out of compliance with rules requiring it to maintain a minimum market value of publicly-held shares of $5 million. The company had not been able to meet that threshold, and it chose not to appeal the suspension because of the expenses that would result.
An article published on May 7 in The Business Journal explains that the bank had made a "significant improvement" in its level of nonperforming assets for the fourth consecutive quarter. "The improvement was the result of reduced income expenses and a lower provision for loan losses," reporter Matt Evans explained.
The community bank is apparently good at building goodwill among residents of the community that it serves, according to an article in The Dispatch in which it was announced that the bank would sponsor the Second Annual BBQ Capital Cook-off.
"Bank of the Carolinas is very excited to be involved with the BBQ Capital Cook-off for the second year," said Ed Jordan, executive vice president and chief operating officer for Bank of the Carolinas. "As a bank, we are committed to our community and continuing to provide support for this new initiative is the perfect way to show our sincerity. We look forward to building upon the success of last year's event. Our employees also enjoyed being part of the event."
"With the sponsorship of Bank of the Carolinas and our other sponsors, [Uptown Lexington, Inc.] is able to reinvest registration fees back in to uptown," said Jo Ellen Edwards, executive director for ULI. "Proceeds from the 2011 contest can already be seen along Main Street in tree work and new street banners."
In a press release issued on May 4, 2012, the bank reported a loss for the first quarter. "The Company's net interest margin was 2.81% in the first quarter of 2012, which is a decrease from 3.02% in the first quarter in 2011. Noninterest expense for the first quarter, excluding the costs related to foreclosed real estate, increased 13.8% in 2012 versus 2011. The increase year over year was mainly driven by increased FDIC premiums, legal expenses, and costs related to the Company's compliance with the regulatory consent order put in place in the second quarter of 2011," the release explained.
"First quarter results were negatively impacted by loan loss provisions and expenses related to foreclosed real estate as the Bank continues to aggressively work on reducing problem assets. The provision for loan losses totaled $1.3 million in the first quarter of 2012 as compared to $2.3 million in the first quarter a year ago. Costs related to foreclosed real estate were $864,000 for the first quarter of 2012 as compared to $274,000 in the first quarter of 2011. For the first quarter of 2012, total credit-related costs totaled $2.2 million, or a 19.5% decrease over the previous year's first quarter costs of $2.7 million," the bank's release explained.
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Bank of the Carolinas Corporation is the holding company for Bank of the Carolinas, a North Carolina chartered bank headquartered in Mocksville, NC with offices in Advance, Asheboro, Cleveland, Concord, Harrisburg, King, Landis, Lexington and Winston-Salem.
"It would be more accurate to call it Bank of the North Carolina," the Hoovers company description says. "Bank of the Carolinas Corporation was formed in 2006 to be the holding company for Bank of the Carolinas, which provides traditional deposit and lending services to individuals and businesses through about 10 branches in central North Carolina. Deposit services include checking, savings, and money market accounts; IRAs; and CDs. Commercial real estate loans account for the largest portion of the company's loan portfolio; the bank's lending activities also include business, construction, and consumer loans, residential mortgages, and home equity lines of credit."
In September of 2011, the Federal Reserve entered into a written agreement with the company for it to serve as a "source of strength" for the bank. The banking unit had also been operating under a consent order between itself and the Federal Deposit Insurance Corp. since April of 2011.
In November 2011, American Banker reported that Eric E. Rhodes had resigned from the company, stepping down as CFO of the company's banking unit. "The $506 million-asset company said only that Rhodes was leaving for personal reasons. It has not yet named a replacement," the article explained.
Bank of the Carolinas was delisted from the Nasdaq, and arrived on the Pink Sheets on March 5, 2012, explains a recent article in The Business Journal. The bank had been under a warning from Nasdaq since it fell out of compliance with rules requiring it to maintain a minimum market value of publicly-held shares of $5 million. The company had not been able to meet that threshold, and it chose not to appeal the suspension because of the expenses that would result.
An article published on May 7 in The Business Journal explains that the bank had made a "significant improvement" in its level of nonperforming assets for the fourth consecutive quarter. "The improvement was the result of reduced income expenses and a lower provision for loan losses," reporter Matt Evans explained.
The community bank is apparently good at building goodwill among residents of the community that it serves, according to an article in The Dispatch in which it was announced that the bank would sponsor the Second Annual BBQ Capital Cook-off.
"Bank of the Carolinas is very excited to be involved with the BBQ Capital Cook-off for the second year," said Ed Jordan, executive vice president and chief operating officer for Bank of the Carolinas. "As a bank, we are committed to our community and continuing to provide support for this new initiative is the perfect way to show our sincerity. We look forward to building upon the success of last year's event. Our employees also enjoyed being part of the event."
"With the sponsorship of Bank of the Carolinas and our other sponsors, [Uptown Lexington, Inc.] is able to reinvest registration fees back in to uptown," said Jo Ellen Edwards, executive director for ULI. "Proceeds from the 2011 contest can already be seen along Main Street in tree work and new street banners."
In a press release issued on May 4, 2012, the bank reported a loss for the first quarter. "The Company's net interest margin was 2.81% in the first quarter of 2012, which is a decrease from 3.02% in the first quarter in 2011. Noninterest expense for the first quarter, excluding the costs related to foreclosed real estate, increased 13.8% in 2012 versus 2011. The increase year over year was mainly driven by increased FDIC premiums, legal expenses, and costs related to the Company's compliance with the regulatory consent order put in place in the second quarter of 2011," the release explained.
"First quarter results were negatively impacted by loan loss provisions and expenses related to foreclosed real estate as the Bank continues to aggressively work on reducing problem assets. The provision for loan losses totaled $1.3 million in the first quarter of 2012 as compared to $2.3 million in the first quarter a year ago. Costs related to foreclosed real estate were $864,000 for the first quarter of 2012 as compared to $274,000 in the first quarter of 2011. For the first quarter of 2012, total credit-related costs totaled $2.2 million, or a 19.5% decrease over the previous year's first quarter costs of $2.7 million," the bank's release explained.
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