Monday, July 1, 2013

Uwharrie Capital picks new name for its banks

Uwharrie Capital Corp. has picked a new name for the banks it controls, but it probably won't take too long to get used to.

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.