Bennet profiles the ten leading banks in North Carolina. They include NCNB, Wachovia, First Union, Branch Banking and Trust, First Citizens, Southern National, United Carolina, Central Carolina Bank and Trust, Peoples, and Planter's.
The nine major NC banks keep records of their community investment, defined as the banks' financial involvement in their communities. The author rates these banks accordingly.
Several commercial banks in North Carolina are joining the Federal Home Loan Bank System, which offers such benefits as access to competitively priced short- and long-term credit and the availability of community investment services.
Robert Mauldin, Centura Bank's CEO, is changing his bank's image as a staid financial institution through such initiatives as eye-catching ad campaigns, full service stock-brokerage, and the placing of ATMs in Wal-Mart and Sam's Club stores.
Although the number of banks in North Carolina declined from 78 in 1993 to 69 in June 1994, mergers are enabling institutions to expand. Large banks can offer better services, protect themselves from takeovers, and better operate outside the state.
Small community banks continue to compete favorably with superregional and major banks. For example, seven small banks began operations in 1995, more than in any other state.
For individuals able to raise $5 million, handle reams of paperwork, deal with investors, and meet with state and federal regulators, just to name a few of the requirements, it might be possible to start up a bank.