Greensboro, NC -- (SBWIRE) -- 07/27/2013 -- Carolina Bank didn’t foresee the economic crisis that crippled many big banks including some Winston Salem banks, but it did weather the storm that nearly destroyed many of those big banks.
Five years later, as a new era begins, Carolina Banks is one of the community High Point NC banks that is recording record profits due to its conservative lending standards. A community bank is defined as a bank with less than $10 billion in assets. Throughout the economic downturn the bank maintained a troubled asset ratio at 62 or below. Bank Tracker, a service of American University calculates a bank’s troubled asset ratio by comparing a bank’s unpaid loans and foreclosed real estate with its various reserves of capital on the balance sheet. Banks with ratios above 100 should be concerned about their health. While Carolina Bank had its share of challenges to overcome following the economic fallout in 2008, it was able to stay of out the danger zone.
Carolina Bank, Greensboro’s second-largest bank with almost $675 million in assets, has now reached full recovery by any definition and is earning record profits. Robert T. Braswell, the president and chief executive officer of Carolina Bank said that when the big banks dumped loans at a discount or a loss in 2009 and 2010, the ripple affected real estate values in every market. Many banks tightened their credit requirements. Braswell credits their conservative lending policies with their survival and success. During the past five years, a successful wholesale mortgage business and attention to customer service helped Carolina Bank stay strong even in the downturn, Braswell said.
Emphasizing local loans and personal service, Carolina Bank’s North Carolina mortgage loans come with unique perks for North Carolina residents including a one stop shop—from origination to closing where everything is done locally along with free, no obligation consultation with flexible schedules. Carolina Bank offers full personal banking services like Greensboro home loan, electronic banking, individual retirement accounts, checking accounts, money market accounts and more.
About Carolina Bank
Carolina Bank began operations in 1996 under the name of Carolina Savings Bank, then, as now, under the leadership of Robert T. Braswell. The only locally owned community bank headquartered in Greensboro, North Carolina, it was founded with a commitment to the old-fashioned way of doing business – earning customers by providing excellent service, every day. For more information, visit http://www.carolinabank.com/Default.aspx