CHARLOTTE — First Bank opened a SouthPark office of more than 27,000 square feet that replaces its Congress Street branch.
First Bank, a subsidiary of First Bancorp, announced the new office on Nov. 6. CEO Adam Currie told our partners at the Charlotte Business Journal that the branch at 6525 Carnegie Blvd. opened to customers on Oct. 19. First Bank did not disclose lease terms.
The new office replaces the bank’s branch at 4201 Congress St., Currie said. That 3,000-square-foot branch held $121.8 million in deposits as of June 30, the most of any First Bank office in the market. Currie said the Congress Street branch closed a few weeks ago.
The North Carolina-based bank held about $551 million in deposits at its nine offices in the Charlotte-Concord-Gastonia market as of June 30. That is up 8.9% from $506 million a year earlier, according to FDIC data. Deposits across the market fell about 9% over the same period, to $432.7 billion.
First Bank’s market share rose to 0.13% from 0.11%. The bank now ranks 17th among 47 institutions, up from 18th among 49 last year. Bank-wide deposits grew 2.3% over the same period, to $11.1 billion.
The Charlotte market holds about 5% of the bank’s total deposits.
Read more on CBJ’s website.