Southern Bank to build new $1 million branch in city
By Steve Herring
Published in News on March 4, 2015 1:46 PM
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An artist rendering of the new Southern Bank branch.
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News-Argus/STEVE HERRING
Southern Bank and Trust Co. officials this morning announced plans for a $1 million branch office on the corner of East Ash Street and Spence Avenue. From left are Greg Eloshway, senior vice president and area executive; Greg Shackelford, senior vice president and regional executive; Dianna Roberts, vice president/community banker; Rex Pennington, senior vice president and Goldsboro city executive; Drew Covert, president; and Grey Morgan, chairman and CEO.
Southern Bank and Trust Co. officials announced this morning what is expected to be a more-than-$1-million project to build a two-story branch office at the corner of East Ash Street and Spence Avenue.
The two-story building is expected to open in about a year and will have seven to eight employees and will house some regional bank officials.
The announcement was made before a packed room of bank and local officials during a business breakfast meeting at Wilber's Barbecue.
Southern Bank was founded Jan. 29, 1901, and is headquartered in Mount Olive.
The new office will be the second banking facility operated by Southern Bank in Goldsboro, in addition to the existing branch location on Wayne Memorial Drive, which will remain open.
That office opened after Heritage Bank was merged with Southern Bank in July 2013.
Subject to regulatory approval, groundbreaking plans for the new facility will be announced in the near future, bank officials said.
The bank has nearly completed that regulatory process, Southern Bank Chairman and CEO Grey Morgan said.
"We have been in this market over 100 years," he said. "Our headquarters has always been in Mount Olive, and we have always had branches in the southern park of the county. But when we merged with Heritage Bank that opened up an opportunity for us to come to Goldsboro and the northern part of Wayne County.
"So we think it is going to be a tremendous opportunity for our bank to now have a total presence in all of Wayne County. Our name is very well known in this area simply because we have been here for so long. We think it is really going to help us serve the entire county much better."
The expansion takes on additional significance in light of the struggling economy.
"Our bank has always placed a top priority on being well capitalized and as situations presented themselves we were in a good strong position financially to make an investment," Morgan said. "We are both excited and proud to be expanding our presence in Wayne County, especially in Goldsboro which is a vital hub of business activity in the county, as well as an integral part of Southern Bank's regional plans for growth."
Opening the Wayne Memorial Drive branch started bank officials thinking about expanding, said Greg Shackelford, senior vice president and regional executive for Southern Bank.
The expansion will not stop with the Ash Street office, he said.
"We are always looking for opportunities," Shackelford said.
The new branch will be a full-service banking facility with a two-lane drive-thru on the back side of the building and ATM service, night deposit drop box service and local lending offices.
In addition to the vault and teller area, it will have four downstairs offices along with five or six offices and a boardroom upstairs.
"Southern Bank is the only bank in Goldsboro that was founded in Wayne County and has been headquartered here since its inception," Shackelford said in making the announcement. "We will continue to invest in the communities we serve, especially right here at home, which is a good representation of our commitment to Goldsboro and the surrounding area.
"When we first learned about the opportunity to purchase that lot, we immediately recognized how great a location it was. From a location standpoint it has great access both from Ash Street and Spence. Visibility-wise you couldn't ask for a better spot. From any direction you will be able to see that building from a fairly long distance, especially if you are coming in on Ash from the downtown area. As you are coming up that slight incline area on Ash it is really going to make a great presence."
For Greg Eloshway, the bank's senior vice president and area executive, the Goldsboro office has a special meaning -- he is a Goldsboro native.
"On my interview 20 years ago, they said, 'You are going to be just right for Goldsboro,'" he said. "Had I known it would be 20 years later. It feels good to be back and see a lot of people I grew up seeing and admiring."
The new Goldsboro office reflects the bank's commitment to Goldsboro and the Wayne County area, which is a focal point of future growth for the bank, he said.
"We are proud of our Wayne County roots and we are happy to be expanding in the primary business hub of Goldsboro," Eloshway said. "The bank has over 600 employees across North Carolina and Virginia, with over 100 of those jobs based right here in Wayne County.
"We are looking forward to meeting the financial needs of the local businesses and citizens of Goldsboro, as well as sharing a future of prosperity for many years to come."
Shackelford and Eloshway said that there is both a demand and opportunity for growth in the Goldsboro area.
Eloshway said people has asked why the bank did not move to a larger area.
"Eastern North Carolina is home," he said. "Goldsboro is home. Wayne County is home."
Founded in 1901, Southern Bank and Trust Company is a wholly owned subsidiary of Southern BancShares (N.C.), Inc. With its corporate headquarters located in Mount Olive, the bank has total assets of more than $2 billion and over 60 locations serving North Carolina and Virginia.
More information about Southern Bank is available on the Internet at southernbank.com.