The parent company of Cabarrus Bank and Trust, Bank of Stanly and Anson Bank and Trust has decided to bring them together under the name "Uwharrie Bank," the Albemarle-based bank has announced.
The company has been working for months to combine the three under a name that's not tied to the individual counties they operate in. Combining the three should save upwards of $1 million a year in infrastructure and compliance costs, CEO Roger Dick told the Observer in March. The new name is intended to project that it's a community bank, but with a broader scale.
Along with the name change, Uwharrie plans to expand into "new, higher growth markets with a brand that will have more universal appeal and relevance," Dick wrote to shareholders. Here's what he has to say about the Uwharrie name:
Among the earth’s oldest mountain ranges, the Uwharries were created from a volcanic island arc that collided with the east coast half a billion years ago creating a coastal mountain range. After the ravages of erosion, the resistant rock that remains became the Uwharrie Mountains. Today, providing a haven for diversity in wildlife, they stand as a symbol of strength against the elements. We think this is symbolic of the way your Company has stood firm in the ever-eroding ebb and flow of the recent long-term economic condition that has impacted not only our region and state but the entire nation.