Wednesday, November 27, 2013

Carolina Premier Bank to change name, convert charter

Charlotte-based Carolina Premier Bank said Wednesday that it intends to convert from to a national charter, and change its name to reflect a broader focus.

The bank had been operating under a North Carolina charter. But as it looks to grow in Washington D.C. and expand its product line, Carolina Premier said the switch made more sense.

CEO John Kreighbaum said the new name has been picked out, but declined to say what it is ahead of an official announcement. It will still take at least a few weeks for regulators to approve all the changes.

Carolina Premier, which is a subsidiary of Premara Financial, said in June that it had opened a retail branch in the nation's capital under the name Premara Bank. Kreighbaum said the bank is now trying to build on that, focusing on trade associations, nonprofits, advocacy groups and law firms.

Ultimately, the bank's goal is to fill the corridor between the two cities. Kreighbaum said Carolina Premier took a look at buying branches or entire banks in Virginia, but decided to take a pass.

He said the national charter will also help it expand its offerings in insurance, wealth management and mortgage.

The charter change won't affect Charlotte customers. Carolina Premier mostly serves small businesses and individuals in the city.

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