Bull City to See Benefits of CCB, NBC Bank Merger
Posted March 19, 2000 6:00 a.m. EST
DURHAM — The CCB building is a permanent fixture of the Durham skyline, but major changes are taking place inside. Central Carolina Bank is merging and moving its headquarters. The end result could mean more jobs for the Triangle.
CCBkicked off the week by announcing plans to merge withNational Commerce Bancorporation, known in the Triangle asNBC Bank. The $2 billion deal calls for corporate headquarters in Memphis, Tenn. where NBC is based.
CCB and Durham do not lose out. CCB will keep its name and the new bank's operations headquarters will move to the Bull City.
"Just the magnitude of additional transactions will result in more people. We cannot put a figure on how many more at this time because we just haven't sized that out yet," says Scott Edwards, CCB chief administrative officer.
This transaction is not all positive for Durham. Many of CCB's top brass, who are leaders in the community, will move to Memphis. CCB's CEO will live in Durham part-time.
"I wouldn't want to kid anybody and say we're glad that the headquarters went to Memphis. That would be obviously not true," says Durham Mayor Nick Tennyson. "On the other hand, to paint this as a disaster or somehow a repudiation of what I've just said, that Durham's on the move, is also not true."
Tennyson admits he was waiting for the other shoe to drop with CCB, saying it is hard for CCB to remain independent in an era of mega-banks.
The president of Downtown Durham Incorporated adds it is hard for medium-sized cities like Durham, Raleigh and Greensboro to be the home base for companies of any type.
"We are going to be major regional headquarters for companies. It is not likely for us to be corporate headquarters for companies," says Bill Kalkhoff.
There are many prominent companies that still call Durham home, includingQuintiles,Red Hat, and theResearch Triangle Institute.