Charleston bank opens branch in Wilmington

Charleston-based CresCom Bank is adding to its presence in another port city.

The lender on Monday opened a full-service branch in Wilmington in a former credit union building it acquired more than a year ago.

It marks CresCom ninth full-service location in North Carolina and its first in the New Hanover County seat. Previously, the bank had a loan production office in Wilmington.

CresCom entered the coastal area of the Tar Heel State through its $7.4 million purchase of 13 branches in North Carolina and South Carolina from a Virginia bank in late 2014. It bought the credit union property shortly after that deal.

CresCom is the largest bank based in the Charleston region. It has 27 branches, mostly along the coast.

The bank’s parent is Carolina Financial Corp., which as $1.4 billion in total assets, including an Atlanta-based mortgage business.

Carolina Financial raised about $32 million in a stock sale earlier this year and then announced plans to expand its CresCom franchise into the Midlands market through the $16.3 million acquisition of Cayce-based Congaree Bank. That deal is expected to close by July. Congaree shareholders vote on the sale on June 8.

Contact John McDermott at 843-937-5572.