Question 1

What is American Bank of the Carolinas?

Accepted Answer

American Bank of the Carolinas is a community-focused commercial bank based in Monroe, North Carolina. As a state-chartered, FDIC-insured institution, the bank specializes in commercial lending and serves the Charlotte-Concord-Gastonia metropolitan area. With approximately $201 million in total assets and $173 million in deposits, American Bank of the Carolinas operates three branch offices throughout Union County and surrounding areas.

The bank positions itself as a locally owned and locally managed institution that emphasizes personal relationships and community service. It serves both individual and business customers with a focus on keeping lending decisions local.

Question 2

When was American Bank of the Carolinas founded?

Accepted Answer

American Bank of the Carolinas was founded in May 2019, making it the first de novo bank (a newly chartered bank founded independently of any other financial institution) established in North Carolina in nearly a decade. The bank was originally chartered under the name American Bank & Trust on May 20, 2019, and changed its name to American Bank of the Carolinas on November 15, 2019.

The initiative to create the bank began in February 2018 when a group of Union County business leaders announced plans to bring community banking back to the area. The founding group chose the name "American Bank" to honor the legacy of the late Eura DuVal "Ed" Gaskins, former president of the original American Bank & Trust that had been headquartered in Monroe since 1930.

The bank was led from its inception by 40-year banking veteran William R. "Randy" Adcock. The founding board included prominent local business leaders: David Cuthbertson (Chief Executive of True Homes USA) as Chairman of the Board, Frank Howey (who oversees one of the largest farming operations in the Carolinas), and Wes Hinson (local attorney with Hinson-Faulk) as Vice-Chairman of the Board.

Question 3

Where is American Bank of the Carolinas headquartered?

Accepted Answer

American Bank of the Carolinas is headquartered at 312 North Charlotte Avenue in Monroe, North Carolina. The bank relocated its main office to this address on April 12, 2021, from its original location at 3302 Highway 74 West in Monroe. Monroe is the county seat of Union County and is part of the Charlotte-Concord-Gastonia metropolitan statistical area.

Question 4

Where does American Bank of the Carolinas operate?

Accepted Answer

American Bank of the Carolinas operates exclusively within North Carolina, focusing primarily on Union County and the greater Charlotte metropolitan region. The bank currently maintains three branch offices, all located within North Carolina. Its service area is centered in Union County, with a presence in the Charlotte-Concord-Gastonia, NC-SC metropolitan statistical area.

As a community bank, American Bank of the Carolinas serves local individuals, families, and businesses throughout the Monroe area and surrounding communities in Union County.

Question 5

What services does American Bank of the Carolinas offer?

Accepted Answer

American Bank of the Carolinas provides a comprehensive range of banking services for both personal and business customers, including:

Personal Banking: Personal checking accounts, savings accounts, personal loans, and various consumer deposit products tailored to individual needs.

Business Banking: Commercial lending, business loans, commercial and industrial loans, and business deposit accounts. The bank has a particular specialization in commercial lending, with approximately $8.9 million in commercial and industrial loans.

Real Estate Lending: The bank offers significant real estate financing, with approximately $130 million in loans secured by real estate, serving both residential and commercial real estate customers.

Digital Banking Services: The bank offers modern digital banking solutions through its AB Mobile app, which allows customers to manage accounts, deposit checks via mobile capture, transfer funds, pay bills, set up account alerts, and use fingerprint or face recognition security. The app also provides features for organizing transactions with tags and notes, and includes tools for locating branches and ATMs.

Online Banking: Customers can access their accounts through the bank's internet banking platform, providing 24/7 account management capabilities.

Question 6

What makes American Bank of the Carolinas unique?

Accepted Answer

American Bank of the Carolinas distinguishes itself through its commitment to local decision-making and community engagement. As a de novo bank, it was specifically created to return true community banking to Union County after a nearly decade-long absence of new bank formations in North Carolina.

Local Lending Decisions: The bank emphasizes that all lending decisions are made locally by people who live and work in the community, rather than by distant corporate headquarters. This approach allows for more flexible and personalized service tailored to local market conditions.

Community Leadership: The bank was founded by and continues to be led by prominent local business leaders with deep roots in Union County and the Charlotte region. This local ownership structure ensures the bank's interests remain aligned with the community's economic development.

De Novo Heritage: As one of the first de novo banks approved in North Carolina in nearly ten years, American Bank of the Carolinas represents a return to traditional community banking values, offering an alternative to larger regional and national banking institutions.

Community Focus: The bank markets itself as "more than bankers," emphasizing their commitment to serving the local community and helping it thrive. This philosophy extends beyond basic banking services to active participation in local economic development.

Question 7

What type of financial institution is American Bank of the Carolinas?

Accepted Answer

American Bank of the Carolinas is a state-chartered commercial bank. It operates under a state banking charter issued by North Carolina and is regulated by the FDIC (Federal Deposit Insurance Corporation), holding FDIC Certificate #59157. The bank is classified as a "State Chartered - FED Nonmember Bank," meaning it is not a member of the Federal Reserve System.

As a commercial bank, American Bank of the Carolinas is authorized to accept deposits and make loans, with a specialization in commercial lending. The bank's focus on commercial and real estate lending, combined with its community banking model, positions it as a traditional community commercial bank serving local businesses and residents. The institution maintains strong capitalization, with a Tier 1 Leverage Ratio of 13.12% and total bank equity capital of approximately $23 million.

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