SPARTANBURG, S.C.--(BUSINESS WIRE)--Carolina Alliance Bank (the “Bank”) (OTCBB: CRLN)(OTCQB: CRLN) announced today that it has acquired the commercial leasing operations of Dave McBride Leasing, LLC (“DML”). Concurrent with the signing of the purchase agreement, Dave McBride signed an agreement to manage the Bank’s South Carolina leasing operations. The acquisition is a significant addition to the Bank’s existing commercial leasing line of business, which heretofore has been concentrated geographically in North Carolina.
John S. Poole, Chief Executive Officer of the Bank, stated, “I have known and had business relationships with Dave for many years. His care for and skill at taking care of his customers is admirable, and a great fit philosophically with our community bank strategy. Also, his customer base is very similar to the Bank’s commercial and professional banking customers.” John Kimberly, the Bank’s President, noted, “We are very excited about the opportunity to greatly enhance our leasing capabilities in South Carolina. This also adds scale to our leasing operations, allowing for certain operating efficiencies and possible service and revenue enhancements in the future.”
The new leasing operation will remain housed at DML’s current office at 125 Venture Boulevard, Spartanburg, SC 29306.
About Carolina Alliance
Carolina Alliance Bank is a state-chartered bank with its deposits insured (up to applicable limits) by the FDIC. It began operations in January 2007 and is headquartered in Spartanburg, South Carolina. Operating from full-service offices in: Spartanburg, Seneca, and Anderson, South Carolina; and Asheville and Hendersonville, North Carolina; and a loan production office in Charlotte, NC, it is a full-service commercial bank providing business and personal banking products and services, as well as wealth management services through its affiliations with Mahon and Ryan and LPL Financial. The common stock of Carolina Alliance Bank is traded over the counter on the OTC Bulletin Board (OTCBB: CRLN) and on OTC Markets Group (OTCQB: CRLN). For further information, visit www.carolinaalliancebank.com.
Certain statements in this news release contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties, and other factors, such as a continued downturn in the economy, competitive pressures among depository and other financial institutions, the rate of delinquencies and amounts of charge-offs, the level of allowance for loan loss, the rates of loan growth, or adverse changes in asset quality in the Bank’s loan portfolios, and changes in the U.S. legal and regulatory framework, including the effect of recent financial reform legislation on the banking industry, any of which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements.
Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by the Bank or any person that the future events, plans, or expectations contemplated by the Bank will be achieved. All subsequent written and oral forward-looking statements concerning the Bank or any person acting on its behalf is expressly qualified in its entirety by the cautionary statements above. The Bank undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, to reflect circumstances or events that occur after the date the forward-looking statements are made.