Startup bank in Charlotte region already facing lawsuit

CHARLOTTE, N.C. — North Carolina’s first de novo bank in a decade has yet to open its headquarters in Monroe, but it’s already facing a lawsuit.

American Banker reports American National Bankshares of Danville, Virginia, has filed suit against American Bank & Trust, which received its state charter to operate in November. American National, which has nine branches in North Carolina, claims the name and logo being used by the local startup are too similar to its own, according to the report.

A de novo bank is one that’s being formed under a new charter, independent of any other financial institution. CBJ’s Caroline Hudson has previously reported on the progress of American Bank, which announced plans a year ago to make its home in Union County.

The name is a nod to the area’s banking history and a legacy built by the late Eura DuVal “Ed” Gaskins, president of the original American Bank & Trust, founded in 1930.

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Cox Media Group