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New Century Bank Makes Move Into Wake County

2012-08-13 17:43 ET - News Release

DUNN, N.C., Aug. 13, 2012 /PRNewswire/ -- New Century Bank has established a presence in Wake County by opening a loan production office (LPO) in Raleigh, announced William L. Hedgepeth II, president and CEO of the bank.

"Opening an office in Raleigh is a strategic decision for us," commented Hedgepeth. "We've already built a solid lending base in Raleigh even though our closest office is nearly 45 minutes away.  When you combine the added convenience for our customers and staff with the increased focus a presence in the markets brings, this office should accelerate our growth.

"Wake County is one of the strongest markets in the state," he continued.  "Even through a difficult economy, it has fared better than most areas, making it an attractive area in which to do business. Our strategic plan calls for us to expand along the I-95 corridor in markets where we believe there is opportunity. And we see opportunity in Wake County."

The office is located near the Six Forks Road interchange with I-540.  Prior to opening the LPO opening, New Century held approximately $24 million in loans with borrowers in Wake County.

Kimberly B. Boyette, a senior vice president for the bank, was named commercial lender and Raleigh market executive and will provide leadership for New Century in Wake County.

New Century Bank, a wholly-owned subsidiary of New Century Bancorp (NASDAQ: NCBC), is headquartered in Dunn with offices in Dunn, Clinton, Fayetteville (2), Goldsboro, Lillington, and Lumberton, and loan production offices in Greenville and Raleigh, NC (at 7951 Monument Lane, Suite 101).

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, (i) statements regarding certain of our goals and expectations with respect to earnings, earnings per share, revenue, expenses and the growth rate in such items, as well as other measures of economic performance, including statements relating to estimates of credit quality trends, and (ii) statements preceded by, followed by or that include the words "may," "could," "should," "would," "believe," "anticipate," "estimate," "expect," "intend," "plan," "projects," "outlook" or similar expressions. The actual results might differ materially from those projected in the forward-looking statements for various reasons, including, but not limited to, our ability to manage growth, our limited operating history, substantial changes in financial markets, regulatory changes, changes in interest rates, loss of deposits and loan demand to other savings and financial institutions, and changes in real estate values and the real estate market. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Company's SEC filings, including its periodic reports under the Securities Exchange Act of 1934, as amended, copies of which are available upon request from the Company.


SOURCE New Century Bancorp

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