FNB Financial to move corporate HQ to Greensboro

[cityboi]

FNB Financial to move corporate HQ to Greensboro

Paul Davis

The Business Journal

FNB Financial Services Corp. announced Tuesday that it will move its corporate headquarters from Reidsville to Greensboro by the end of March.

FNB, the parent of FNB Southeast, will become the largest bank based in Greensboro, with more than $760 million in total assets. That amount is far larger than Carolina Bank, with $212 million in assets, and SterlingSouth, with $86 million, which are both community banks also based in Greensboro.

FNB said 30 employees will move from Rockingham County to office space in northwest Greensboro owned by Highwoods Properties.

FNB will lease 25,000 square feet in Highwoods Park at Jefferson Village on New Garden Road. The office space will house corporate personnel and employees of the bank's commercial lending group and retail and wholesale mortgage operations, as well as investment subsidiary FNB Southeast Investment Services.

FNB has been based in Rockingham County for nearly a century. The bank was created in 1910 as Rockingham Savings Bank and Trust. Eight years later, FNB received a national bank charter and changed its name to First National Bank of Reidsville. In 1997, the bank became FNB Southeast to reflect its expansion into markets beyond Rockingham County.

FNB Southeast operates 18 banking offices in North Carolina and Virginia.

"Greensboro is a major financial center accessible to financial analysts, key brokers and investors who follow our progress," said FNB President and CEO Ernest Sewell, in a prepared statement.

"The move will give us greater access to financial markets and help our people reach a larger customer base. We also plan to expand our existing banking, mortgage and investment services in Greensboro and Guilford County."

The bank's support and operations departments will remain in Reidsville. Sewell said he expects employment in those divisions to grow as the bank continues to expand, adding that FNB will spend $700,000 next year to renovate its operations center.

FNB has three retail banking offices in Greensboro and controlled $97.5 million in deposits -- for a 2.1 percent share -- in the city as of June 30, according to the most recent FDIC data. The bank in November opened a wholesale mortgage operation in Greensboro.

This may not be a big bank like the big boys (B of A or Wachovia) but its a major step in Greensboro building itself as a financial center. The only type of financial services that seem to be headqaurtered in Greensboro is the insurance industry. Now banking has an opprtunity to grow in the Gate City.

[Raleigh-NC]

I agree with monsoon. The news is good for Greensboro, but it also strengthens North Carolina as a banking/finance center. Charlotte's lead needs to be maintained and valued by all North Carolinians, while mini banking centers can be encouraged for other NC cities. In other words, Charlotte deserves the lion's share, but smaller banking/financing companies should also consider places like Greensboro and Raleigh.

[cityboi]

I agreee, Charlotte will always be NC's banking hub just like Raleigh/Durham will always be NC's research hub. Cities like Greensboro, Winston-Salem and even Fayetteville can serve as "satelite hubs" for those kind of industries.

[Raleigh-NC]

The potential is there for the Triad. In fact, the latter can become the link between Raleigh and Charlotte by maintaining a mix of research and finance. A transition from one area to the other. Regardless, the opportunities are out there and I am sure that Greensboro was destined to play a more important role. I think of Durham the same way, except for the transitional part.

[cityboi]

alot of people dont realize this but it could have swayed either way between Charlotte and Greensboro being a major financial hub. The banks that built up Charlotte to what it is today has roots in Greensboro. Back in the 1960 when Charlotte and Greensboro banks merged, Charlotte was selected for the headquarters. This bank eventually became Bank of America. If things had happen the other way, you some times wonder if Greensboro today would have all those glitzy towers that Charlotte has today. That would have changed the dynamics of alot of things including where North Carolina's major league sports teams would be located. However I'm happy for all of North Carolina's cities and the direction that the cities are headed.

[Raleigh-NC]

Yes, I see what you mean, Cityboi. Sometimes you wonder what could have happened if things had gone the other way. In the case of Raleigh, I can only blame the city governments and the developers for not envisioning a real city, with dominant skyline and truly vibrant center. I am sure that the powers-to-be in Greensboro acted in a similar fashion and missed the chance to get a bigger slice of the pie. But that's OK, Charlotte manages to bring some glory into this state, so they took advantage of their growth in a good way. Likewise, the Triangle managed to bring research and technology in this state. The Triad succeeded in diversifying its image, and more glory will follow... or so I believe