Correction: This version of the story corrects the number of Aquesta Bank branch locations to a total of eight.

Aquesta Bank announced Monday morning it has received “all regulatory approvals necessary” to open a new branch in Wilmington.

Last month, the Cornelius, North Carolina-based bank said it had purchased the former Gateway Bank Mortgage building at 901 Military Cutoff Road and planned to open a full-service office, but at that time it had not gotten the go-ahead from the FDIC for the expansion location.

With receipt of that approval, Aquesta will now proceed with its plans for the branch, which will offer two drive-thru lanes and an ATM.

Bank officials expect the branch to open in the second quarter of this year, according to a news release.

Aquesta’s Wilmington-based commercial loan officer, who has served the area for the past two years, will also relocate into the new building, as will bank affiliate Aquesta Insurance Services Inc., the release stated. The loan officer and insurance office have been located down the road from the new quarters at 700 Military Cutoff.

“This is a great opportunity for Aquesta Bank to continue to expand its customer service capabilities.” Jim Engel, CEO and president of Aquesta, said in the release. “The new building has space for our current operations plus enough additional space to rent a floor to a third party thereby reducing our costs of ownership. We can now consolidate operations in a very desirable location, expand banking services to our current Wilmington loan customers and do so very efficiently through the combination of lease savings from the agency plus rental income from the excess space.” 

The new location will be Aquesta's eighth branch and first foray outside the metro Charlotte market. Aquesta Bank, with assets of $271 million (as of Sept. 30), has seven branch locations in Davidson, Huntersville, Cornelius, Mooresville and Charlotte.