In 2012, several local bank branches changed location. When Regions Bank closed its office at 1105 Military Cutoff Road in September, Bank of the Ozarks moved from 1612 Military Cutoff Road to the larger space. 

In early December, Park Sterling Bank moved to newly renovated quarters at 3701 Shipyard Blvd. from the second-floor space it had occupied at 1712 Eastwood Road.

And Gateway Bank (a subsidiary of the Bank of Hampton Roads) closed its location at 901 Military Cutoff Road after the sale of its Wilmington branch deposits to First Bank in August.

On May 1, Live Oak Bank broke ground on its new headquarters on Tiburon Drive, off Independence Boulevard. The 39,000-square-foot building was designed by LS3P; the general contractor was Clancy & Theys Construction. Bank officials said they expect the headquarters to open sometime in the first quarter of this year.

Leaving the SEC

North State Bank, with one local branch, took advantage of the Jumpstart Our Business Startups Act (JOBS Act) enacted in January 2012. The legislation allows companies with fewer than 1,200 shareholders to deregister from the Securities and Exchange Commission. 

On Oct. 7, the directors of North State Bancorp authorized the company to pursue the deregistration of its common stock. In an SEC filing Oct. 10, the bank reported that it had 524 shareholders. 

“The decision to deregister from the SEC was driven by a desire to achieve substantial annual savings by reducing the accounting, legal and administrative costs associated with being an SEC registrant. Annual savings are estimated to be approximately $150,000 to $200,000 per year,” Larry D. Barbour, president and chief executive officer, said in a news release at the time.

North State Bancorp will continue to report quarterly to the Federal Deposit Insurance Corp and will share financial data through its website and in shareholder meetings. Its common stock will be quoted on the Over the Counter Bulletin Board.