Local News

Banking Veterans To Launch TrustAtlantic Bank

Posted June 29, 2006 11:09 a.m. EDT

— James Beck, who built Capital Bank Corporation in central and western North Carolina, wants to create a new banking company.

Beck and business partner T. Stephen Johnson have formed TrustAtlantic Financial Corporation and are in the process of raising between $75 million and $100 million.

The two have already entered into an agreement to purchase Millennia Community Bank in Greenville, N.C. Once the deal is approved, the bank will be called TrustAtlantic Bank. The deal is worth some $8.1 million, Beck said in a statement.

Beck will serve as president and chief executive officer of TrustAtlantic Financial. He was president and CEO of Capital Bank Corporation between 1997-2003. The bank grew to 21 branches with more than $900 million in assets.

From 1991-1997, Beck led SouthTrust Bank of North Carolina. He formed J. Beck & Company, a financial services and advisory firm, in 2003.

Johnson will serve on the board of directors of TrustAtlantic. He has worked with more than 100 groups to launch new banks since 1986. He was founder and serves as chairman emeritus of NetBank.

Beck wants TrustAtlantic to have between 8-10 branches in the Raleigh-Cary metro area and several in Greenville.