1st Financial Services Corporation , completed its formation on May 23, 2008 as a bank holding company and the parent of Mountain 1st Bank & Trust Company. 1st Financial is a public company, the common stock of which is currently traded on the OTC Bulletin Board under the symbol "FFIS".
Mountain 1st Bank was chartered on April 30, 2004 and opened for business May 14, 2004 in Hendersonville, N.C. which remains the headquarters location for both Mountain 1st Bank and 1st Financial Services Corporation.
Since its inception in 2004, Mountain 1st has become one of the most rapidly growing and most successful de novo community banks in the country. Currently, our asset base exceeds $700 million which is serviced from our twelve full service branches located in nine western North Carolina counties. With nearly 3,700 shareholders, 1st Financial is one of the few publicly traded companies headquartered in western North Carolina.
Banking Market
The area of western North Carolina in which we currently operate consists principally of Buncombe, Catawba, Cleveland, Haywood, Henderson, McDowell, Polk, Rutherford, and Transylvania Counties. The cities and towns in which we operate include Asheville, Brevard, Columbus/Tryon, Etowah, Fletcher, Forest City / Rutherfordton, Hendersonville, Hickory, Marion, Shelby, Waynesville and the surrounding areas. The economy of the area is generally considered stable and growing. The primary economic drivers of the area are tourism and a burgeoning retirement industry which has provided a significant stimulus to residential and resort development. Although this area has relatively few large manufacturing facilities, it has numerous small to mid-sized businesses, which are our primary business customers. These businesses include agricultural producers, artisans and specialty craft manufacturers, small industrial manufacturers, and a variety of service oriented industries.
Services
Our operations are primarily retail oriented and directed toward individuals and small- and medium-sized businesses located in our banking market. The majority of our deposits and loans are derived from customers in our banking market, but we also make loans and have deposit relationships with individual and business customers in areas surrounding our immediate banking market. We provide most traditional commercial and consumer banking services, but our principal activities are taking demand and time deposits and making consumer and commercial loans. Our primary source of revenue is the interest income we derive from our lending activities. However, we also generate income from other fee-based products and services we provide.
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