Bank enters partnership to aid growth


Tuesday, September 15, 2015

First Carolina Bank has formed a partnership with an established Raleigh wealth management firm in an effort to help grow its services.

Capital Investment Companies recently announced an agreement with First Carolina Bank. Capital Investment Companies began operations in 1984 and has close to $4 billion in assets under management.

Kristen Brabble, corporate officer and director of retail banking at First Carolina Bank, said the bank now will be able to offer wealth management services to its clients in Rocky Mount, Raleigh, Reidsville and Greenville. Wealth management is often referred to as a high-level professional service that combines financial and investment advice, accounting and tax services, retirement and legal planning for one fee.

Ron Day, president and chief executive officer of First Carolina Bank, said wealth management ultimately is how people manage the totality of their financial situations no matter how much money they make.

“For the wealthiest people, it might be managing a big portfolio or their stocks, bonds and other assets,” Day said. “But for the standard average American, it might be putting aside $100 a month and investing in a mutual fund or investing in some sort of insurance product. It can also be looking at your mortgage situation and trying to refinance your rate from 5 percent to 4 percent to improve your cash flow. All ideas of managing your wealth is managing your finances to the best outcome.”

Day said under the agreement First Carolina Bank can now refer its customers to the complete suite of wealth management products and services offered by Capital Investment Companies. Capital Investment Companies will do the same and suggest people go to First Carolina Bank for their banking needs.

“This typically doesn’t happen where a wealth management company is referring back to a bank even in the larger banks when they’re part of the same company,” Day said. “I also don’t know of many smaller banks like us that will have the unique relationship with a company like Capital Investment Companies. They’re very interested in not only serving the wealth management needs of our customers, but helping us build the bank side of our business.

“Our goal is to reach deeper in a relationship with the customers that we have by doing more things with them and also gaining access to more customers that will be referred back to us by Capital Investment Companies. We intend to explore that and see if we can put our good service in front of them and gain more banking business as a result.”

Richard Bryant, chairman and chief executive officer of Capital Investment Companies, said the firm is pleased to partner with a growing bank like First Carolina Bank. Day said the bank has doubled in size since being acquired and recapitalized by a local group of investors in July 2012, when the Rocky Mount First Carolina Bank was launched during the same year.

“We are extremely pleased to partner with a growth story like First Carolina Bank at this time and believe this can truly be an opportunity for exponential outcomes together for all involved,” Bryant said. “I have gotten to know Ron, his board of directors and his team well over the past few years and we share the same passion for customer service and development and apply the same entrepreneurial spirit towards our work in financial services each day.”

“We look forward to delivering our new ensemble platform of products and services and investment philosophy to the businesses and individuals in the bank’s local market areas.”