Local News

FDIC Grants Approval for New Bank In Raleigh

Posted July 28, 2006

— Having received the formal blessing of the Federal Deposit Insurance Corporation, CapStone Bank will open its doors for business on Aug. 1.

CapStone is located at 4505 Falls of Neuse Road in Raleigh.

The FDIC granted approval to CapStone on Thursday. The state of North Carolina gave its approval two months ago.

"We are pleased to receive this approval from the FDIC which will allow us to open on schedule and begin serving the Raleigh market," said Michael Patterson, the executive chairman and one of the bank's co-founders, said in a statement.

Patterson and Steven Ogburn, who serves as CapStone's president and chief executive officer, launched the effort to create the bank last fall. CapStone raised $21.6 million through a stock offering that was oversubscribed by 20 percent. The bank has some 350 shareholders.

Both executives have extensive backgrounds in banking. Patterson is a former president, chairman and chief executive officer of Triangle Bank and Triangle Bancorp. Ogburn is a former executive vice president and senior credit officer with Triangle Bank and Triangle Bancorp.

CapStone will focus on services for small businesses.

"Now that we have the regulatory approvals behind us, we can focus on our August 1 opening," Ogburn said in a statement. "We have assembled an experienced and service-oriented team of bankers who are eager to begin serving customers."

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