Local News

City Leaders Push More Downtown Banks To Attract More Businesses

Posted November 22, 2005 5:35 a.m. EST

— Downtown Raleigh development leaders say banks' commitment in the city center sends a message to potential businesses that downtown is a good investment. That is why the city is aggressively recruiting banks to move there.

Raleigh Mayor Charles Meeker says the city is not trying to capture Charlotte's unofficial title as capital of banks, but that it is going after smaller, community banks that can be good, steady employers.

"They are high-quality in terms of jobs they provide," Meeker said. "The banks get involved with cultural events. They are just big assets to the community."

By next summer, the Local Government Federal Credit Union will move into the new Quorom Center and occupy 76,000 square feet. The State Employees Credit Union will also move into a 60,000 square-foot facility in the downtown area.

RBC Centura announced it is moving its headquarters to downtown Raleigh and Capital Bank is relocating from its current offices on Glenwood Avenue to its new headquarters at 333 Corporate Plaza on Fayetteville Street.

"This is the perfect time," said Capital Bank President Grant Yarber.

Yarber said with Fayetteville Street opening, a new hotel and a new convention center, the timing is right for a shift in operations from its current offices.

"It needs to be downtown," Yarber said. "Right there on North Carolina's main street, the center of business and government for North Carolina."

RBC Centura has yet to make an announcement on where its new headquarters will be built downtown. Bank leaders are considering both the 300 and 500 blocks of Fayetteville Street. A decision is expected in early December.