Print
Banking & Finance

Merger Brings Benefits, Sound Bank Official Says

By Jenny Callison, posted Nov 3, 2017

With the completion of an acquisition by Raleigh-based West Town Bancorp Inc. of Morehead City-based Sound Bank this summer, there will be benefits to Sound Bank customers in the Wilmington community, but no overt changes, said the bank’s area executive.

“Sound Bank is Sound Bank. To the general public, there is no difference [since the merger]," said Mark Johnson, who oversees Sound Bank’s operations in the New Hanover County market. “Our former CEO, Phil Collins, is now Sound Bank’s president, and sits in Morehead City. Our banking operation is essentially going to stay the same for now, except that Phil is going to be reporting to some folks out of Raleigh.”
 
No layoffs have been announced, Johnson added.
 
West Town Bancorp will operate as a multi-bank holding company with Sound Bank and West Town Bank & Trust as separately chartered, wholly owned subsidiaries of West Town, according to the news release announcing the merger’s closing. Eric Bergevin, CEO and president of the holding company, also heads West Town Bank & Trust.
 
The newly merged entity has consolidated assets of about $500 million as of the closing date, the release stated.
 
While West Town Bancorp does operate a retail bank with two branches in the Chicago area as well as one in Edenton and one in Greenville, the majority of its revenues come from its mortgage, insurance and SBA lending units.
 
Combine those with Sound Bank’s network that generates deposits and consumer loans, and you have a full-service bank, Johnson said.
 
“This merger has been very beneficial in that you bring two financial companies together that have different areas of expertise,” he added.
 
“We can refer customers back and forth and offer a whole range of services in-house.”
 
The merged banks’ combined resources also create expanded possibilities for lending, Johnson said.
 
“I am excited about it, because this now provides more capital for growth in Wilmington and beyond. You will see Sound Bank position itself more aggressively in the market.”
Ico insights

INSIGHTS

SPONSORS' CONTENT
Martyheadshot

Are You Ready for GDPR?

Marty Cayton - TeamLogic IT of Wilmington & Fayetteville
Webilm julieformal kellystarbuckcom mg 5471

Nonstop Flights Drive Real Estate Investment While Keeping Family and Friends Connected

Julie Wilsey - Wilmington International Airport
Mike stonestreet 300x300

Renovate the Outdoors with Landscaping Refurbishment

Mike Stonestreet - CAMS (Community Association Management Services)

Trending News

Work To Begin Soon On Permanent Campus For Girls Leadership Academy Of Wilmington

Cece Nunn - May 24, 2018

Wilmington Entrepreneurs Honored

Christina Haley O'Neal - May 24, 2018

Wilmington Startup To Pitch At Silicon Valley Event

Jenny Callison - May 25, 2018

Wilmington Sees Rise In Tech Job Postings

Jenny Callison - May 25, 2018

Realtors, Homebuilders To Present Yearly Economic And Housing Report

Cece Nunn - May 25, 2018

In The Current Issue

Aquesta Bank Earnings Sharply On The Rise

“Our asset quality is good. What we have is a lot of growth,” said Jim Engel, Aquesta’s CEO and president, noting that the bank has seen “tr...


Broadhurst Appointed To State Commission

Spence Broadhurst was recently appointed to the N.C. Banking Commission....


CEOs Create New Crowdfunding Portal

North Carolina has a new equity crowdfunding platform to help power its progress. FundingStack, the state’s first registered funding portal,...

Book On Business

The 2018 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2018 Power Breakfast: The Main Event
2018 WilmingtonBiz Expo - Keynote Lunch with Eric Dinenberg, Rouse Properties
2017 Health Care Heroes