Live Oak Bank hosted the big reveal of its new headquarters June 6, showing off a spacious U-shaped facility of natural wood and expanses of glass.

With its large lobby and most offices overlooking a patio and small lake, the structure looks more like a contemporary-style lodge rather than a traditional bank office building.

Architect for the project was LS3P; general contractor was Clancy & Theys Construction.

The bank has gradually moved furnishings, equipment and personnel from its former location on Iron Gate Drive to the new two-story, 37,000-square-foot facility at 1741 Tiburon Drive. 

nCino raises $9 million Wilmington-based nCino LLC, a major provider of secure, cloud-based bank operating systems to the financial services industry, announced earlier this month it has raised $9 million in its Series A round of funding. 

The round began in January and closed officially June 11.

Investors included John Mack, former Morgan Stanley chairman and CEO; Gene Ludwig, CEO of Promontory Financial Group; William Ruh, managing principal of Castle Creek Capital; and Jeff Lunsford, Tealium CEO and software-as-service entrepreneur.

Investments came also from James “Chip” Mahan III, chairman and CEO of Live Oak Bank and from all of nCino’s employees.

nCino’s proprietary software was developed by Wilmington-based Live Oak Bank. The bank spun off its software enterprise in the spring of 2012.

Pierre Naudé, nCino’s CEO, said the company would use the $9 million to continue expanding its marketing efforts in the community bank and credit union sectors and to “maintain its leadership position in cloud banking.”

Using the secure Salesforce.com platform, nCino’s Bank Operating System provides communication among individuals involved in a variety of financial institution transactions. Live Oak Bank executives designed the system to enable the bank to track and expedite the progress of its small business loans across the U.S. 

According to a news release, the system organizes and automates data, eliminating the need for spreadsheets and duplicate loan documents. Its reporting and dashboard features allow officials to do real-time tracking. Built-in tracking and business intelligence features are designed to help reduce regulatory compliance costs and policy exceptions.

NewBridge Bank to acquire Security Savings Bank

The greater Wilmington area will see yet another bank merger, with the recent announcement by NewBridge Bancorp, the parent company of NewBridge Bank, that it has signed a definitive agreement to acquire Southport-based Security Savings Bank.

The transaction, if it wins regulatory approval, is expected to close in the third quarter of this year, according to a NewBridge press release, which also stated that the two banks would begin integrating their operations in the fourth quarter.

Security Savings Bank operates six branches and one loan production office in Brunswick County. 

As of March 31, it reported total assets of $224 million, total loans of $157 million and total deposits of $176 million, according to the release.

The release also stated that Greensboro-based NewBridge Bank would acquire the assets and liabilities of Security Savings Bank in a transaction expected to be ordered by the N.C. Commissioner of Banks. No shares will be issued or cash exchanged in the transaction, and the merger is not subject to member approval.

“Security Savings was significantly impacted by the economic downturn, and we were unable to raise the needed additional capital as a mutual savings bank. The merger with NewBridge Bank allows us to maintain our community-banking focus and return our attention to providing comprehensive financial services to our clients and supporting the communities we serve,” Henry Edmund, CEO of Security Savings Bank, said in the release. 

If the transaction is approved, NewBridge Bank will be a $2 billion asset institution with 36 branches and several loan production offices throughout North Carolina, the release stated. 

Already the largest community bank in the Piedmont Triad region in terms of assets, NewBridge Bank will also be one of the largest community banks in the Wilmington area, according to the release.

“We welcome Security Savings Bank clients to NewBridge Bank,” Pressley A. Ridgill, NewBridge president and CEO, said in the release.

“Community banks have been through a tumultuous economic cycle, and many have suffered the adverse consequences of circumstances beyond their control.” 

State’s banks shrink in number, grow in profitability 

Mergers and acquisitions have reduced the number of banks doing business in North Carolina from 94 to 87 in the past year, according to the FDIC’s State Banking Performance Summary. 

The survey examined data for banks in the state from April 1, 2012 to March 31.

The Wilmington market saw plenty of such activity during that time period. 

Most of Waccamaw Bank’s assets were purchased by First Community Bank of Bluefield, Va., in June; Regions Bank exited the market in September; Crescent State Bank merged with VantageSouth Bank in December, taking the VantageSouth name; and VantageSouth acquired East Carolina Bank on April 1.

Not only were there fewer bank brands in the state, there was also a drop in bank employment. 

As of March 31, there were 218,780 people working for North Carolina banks, down from 225,400 a year earlier and about 233,900 from March 31, 2011.

Income and assets, however, showed growth in the year. 

North Carolina banks’ combined net income was at almost $5.5 billion, a healthy increase from $3.6 billion the previous year and $2.6 billion two years prior. Total bank assets rang up at $1.7 trillion, up slightly from the previous year’s $1.68 trillion.

Also on the upswing were the combined banks’ loans and leases, which totaled $923 billion as of March 31 compared with $884 billion recorded the previous March 31. Total deposits edged up slightly to $1.3 trillion, an increase of $30 billion from the previous year.

Another positive sign was the decreased ratio of nonperforming assets to assets. 

As of March 31 this year, that figure was 3.8, down slightly from 4.3 a year earlier.

First South Bank moves, adds new employees

First South Bank is settling into its new quarters at 1612 Military Cutoff Road. 

The bank moved from its location at 2601 Iron Gate Drive in Barclay Commons to it new office on June 14, opening to the public three days later.

The bank’s new location is more visible to the public and provides roughly 3,500 square feet of space, half again as much as the bank occupied in Barclay Commons, said David Thompson, city executive and senior vice president. It also boasts a drive-thru, an ATM and a safety deposit box vault.

In addition to new quarters, the bank has two new employees. 

Sharon Moore was named assistant vice president-community banking officer and branch manager. Her 12 years of experience in banking included positions at TD Bank, Carolina First Bank and Wachovia Bank. 

Rachel Betts also is First South’s new customer service associate. A lifelong resident of Wilmington, Betts came to First South with more than 10 years’ experience in customer service and sales. 

First South Bank, based in Washington, N.C., opened its Wilmington branch in 2009. It has a total of 26 branch offices in central, eastern, northeastern and southeastern North Carolina.

PNC sees upward economic trend for Wilmington

The Wilmington market is in a moderate economic recovery, an economist with PNC Financial Services Group said.

After studying payroll numbers through April from the federal Bureau of Labor Statistics, 

Mekael Teshome said that the data “positively reinforces our view that Wilmington will experience moderate and persistent growth through 2013.”

“One of biggest weights on the local economy is job cuts and reduced spending by local government,” Teshome said. “The private sector was able to shoulder some of that burden because of increased retail and leisure spending. Hospitality and retail posted gains in April.

“Climbing out of the hole will take a long time,” he added. “There are few industries in Wilmington that can drive faster rates of growth. We don’t expect a rapid bounceback, but I’m optimistic because the trajectory is positive.”