In its first year with a full-service branch in Wilmington, Southern Bank and Trust Co. seems to be making big strides.
The bank, based in Mount Olive, entered the Wilmington market in 2016 when Newbridge Bank veterans Paul McCombie, Leon Pruzan and Lenny Smith opened a loan production office in the Landfall Executive Center. They later moved their operations to a suite in The Offices at Mayfaire III.
In August, the bank purchased its space at The Offices at Mayfaire III, as well as the remainder of the building’s first floor, for $3.3 million.
“We have a couple of tenants – a law firm and Chemtex Global Corp. – but the fourth suite is vacant, which gives us an immediate opportunity to expand,” said McCombie, who is Southern Bank’s Cape Fear market executive. “Eventually, we hope to occupy the whole floor.”
McCombie added that the Wilmington branch’s staff of eight provides boutique banking.
“Our target is the small- to medium- sized businesses and professional market,” he said. “We have a big medical portfolio, as well as dentists, attorneys, CPAs and engineering firms. [Southern] Bank has been generous in developing a suite of products and services for that market that are cost effective.”