New name, new tenants: Local downtown landmark has new name - Dogwood State Bank celebrates grand opening of Fayetteville location

By Stephanie Meador, posted Feb 16, 2023 on BizFayetteville.com

Dogwood State Bank hosted a limited gathering of partners and local media along
with representatives from the Fayetteville Chamber to celebrate the new facility - Photo provided by GFBJ

A new company is taking up residence in one of Downtown Fayetteville’s most recognizable buildings.

At the end of 2022, the owners of the 11-story sky rise downtown, formerly known as the Systel Building, announced that a new anchor tenant would take residence in the building. On Feb. 6, Dogwood State Bank held a ribbon cutting ceremony to celebrate the opening of their Fayetteville branch in this iconic downtown location.

Dogwood State Bank, a North Carolina state-chartered community bank, is proud to announce the opening of its newest location in Fayetteville, NC. The full-service branch, located at 225 Green Street, continues the bank’s vision of revitalizing community banking through the development of long-lasting relationships.

“As a Fayetteville native, I am proud to welcome Dogwood State Bank to my hometown,” commented CEO Steven W. Jones in a press release. “Our local team also has deep roots in this community, and we are thrilled to have their expertise as a part of the Dogwood State Bank family. We are delighted to partner with Allison Capital Partners on the naming rights of this new location and we look forward to welcoming new and familiar faces to our local branch. The entire Dogwood team is proud to bring community banking back to Fayetteville in an iconic location in this community.”

Representatives from the Fayetteville Chamber of Commerce, local officials, bank leadership and others all gathered together to celebrate the historic building’s new tenant.

“Dogwood State Bank strives to be the best community bank in the Carolinas, and it picks its markets to expand into by finding the right people and the right bankers in those markets,” shared Dogwood State Bank’s Regional President for Eastern North Carolina Greg Reames.

“...how grateful I am to work for a bank and an organization that is so, just laser focused on community and customer service. It’s a breath of fresh air to work with people that, every day, it’s… ‘How do we take care of our customer?’”

Following the ribbon cutting ceremony, guests were invited to walk across the street to view the new Dogwood State Bank sign that adorns the top of the building as the owners proudly lit it up.

“This building is just so well known. It’s definitely a landmark in the city [and] in eastern North Carolina…what better place to have your sign [than] on the tallest building in the town,” commented Reames. “We’re going to make sure that you’re going to be proud to call this the Dogwood State Bank building.”

CEO of the bank Steven W. Jones was also present to celebrate the expansion. Jones shared fond memories of the building during his opening remarks as well as his joy to represent and work for such an honorable company.

“My first job was here in this building in 1991. So, to kind of come back full circle and to call this the home of Dogwood is so special,” said Jones during his welcome speech. “I’ve been doing business in Fayetteville in the community for the better part of 32 years now, and to have the team that we have here…top notch, and when you think about bringing community banking back to Fayetteville… having Dogwood State here for the small business owners is, I mean, I couldn’t be more proud. I'm getting a little choked up even talking about it. I’m so excited.”

Dogwood State Bank is traded on the OTC under the symbol DSBX.

Currently, they are also raising private capital. CEO Steven Jones confirmed that this is their fourth round of raising private capital. He shared some details about the fantastic support they’ve been able to garner through these efforts.

“Our first one was $100 million. And then our second round was $28 million. And then we did $12 million last year. And we’ve had a goal of doing $10 million this year, and we’re already at $19 million. We’ll probably go to about $20 [million], but we've only been at it a week,” said Jones.

Jones is happy to report such successful numbers and chalks these up to the company’s brand.

“The demand has been robust. It’s just a testament to our brand and what we’ve built here in the community and communities that we operate across the state, and so we’re excited about it” shared Jones.

Dogwood State Bank’s new physical location in Fayetteville is officially open to customers new and old.

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