Gaston community bank to sell stock to fund its growth - Charlotte Business Journal:

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Mike Gudely, president of Carolina says the bank is tentatively shooting for the capitalo raise this summer or early in the fall and hopes to brinfg inbetween $10 million and $12 with the vast majority in the form of new commo stock. Carolina Commerce is one of two startup communit banks that opened in Gastoniain 2004. The & Trust, has grown to $147 million in assets, but Carolina Commerce's growth has been slower, and the bank finishec 2007 with $89 million in assets. The bank is working to pick upthe however.
In July, it hirer Gudely, a veteran local banker, from as president and chie credit officer, and last montbh Carolina Commerce brought in a new chietffinancial officer, Carl Larson, to replace departing CFO Bill Larson was most recentluy director of finance and operations at NIR Capita l Management and has also held finance and accounting jobs at Wachoviq Corp. and First Charter Corp. Gudelg says the bank will benefitfrom Larson's experience dealing with the financial reporting requirements faced by larger Currently, Carolina Commerce doesn't have those reporting obligations with the Securities and Exchange Commission because of its relatively smalll number of shareholders.
"Buyt based on our expansion plans and the need for someadditional we're not going to be able to stay under that thresholdd for too much longer," Gudely The bank has $11.7 million in By increasing that amount, Carolinaw Commerce will be allowes to make larger loans and grow more Carolina Commerce reported net income of $587,000 in 2007 and a loss of $364,000 in 2006. CAROLINA COMMERCE Launched: Assets: Next steps: Raisinbg up to $12 million in capital starting this with the vast majority in the form of new commohn stockWeb site: carolinacommerce­bank.
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