Charleston’s CresCom Bank plans to open Greenville branch

Charleston-based CresCom Bank has been expanding into new markets over the past year.

The largest bank based in the Charleston region is looking to enhance its Upstate presence.

CresCom Bank has filed for approval from the Federal Deposit Insurance Corp. to open a full-service branch in Greenville. The company entered that market last June by hiring a local market leader, Scott Frierson, to drum up business and by opening a loan production office.

CresCom’s proposed full-service corner branch site is at 3695 E. North St., which is a former Palmetto Bank office, according to an online property search.

Jerry Rexroad, CEO of CresCom parent Carolina Financial Corp., said the company is “very excited about the opportunities we see” in the Upstate business hub.

“The Greenville market is a high-growth market that allows CresCom Bank to expand, while also getting some geographical diversification in our lending portfolios and deposit base,” Rexroad said.

The Upstate lending market is experiencing a minor shake-up that could open up opportunities. Palmetto Bank, which is based in Greenville, is being sold to an out-of-state company. Also, financially struggling CertusBank of Easley announced this week it is winding down operations by selling most of its branches and closing the rest, including its downtown Greenville location.

Until last year, CresCom operated mostly along the coast in the Charleston and Grand Strand markets. In December it acquired 13 branches that extended its reach into southeastern North Carolina.