Dogwood State Bank celebrates five year anniversary; Fayetteville branch boasts growth over first year and a half in operation

By Stephanie Meador, posted May 15, 2024 on BizFayetteville.com

Dogwood State Bank CEO Steve Jones and Regional President Greg Reames. Photo by GFJB.

Dogwood State Bank, a North Carolina state-chartered community bank, is celebrating its five year anniversary. The bank’s CEO Steve Jones shared some statistics about the bank in light of the anniversary:

Over the course of five years, Dogwood State Bank has:

grown from three markets in NC to 10 markets in the Carolinas.
provided total credit of over $2.6 billion to individuals and businesses in our communities, including $300 million in PPP loans.
established an SBA division that is currently ranked #2 in the state of NC and #26 in the nation.
grown deposits by $936 million (358 percent).
grown loans by $966 million (448 percent).
grown tangible book value per share from $7.58 to $10.82 (43 percent).
raised $157 million in capital, increasing the price per share in the stock offerings from $10 to $20.

“As you can tell from these results, it is obvious that the entire Dogwood team remains focused on top-tier performance. Our culture of Love and Respect remains a guiding force shaping our actions and interactions with both customers and each other. Without your tireless efforts and unwavering support, we would not be where we are today. The coming weeks and months present another exciting time for our company, and I look forward to our pending merger with Community First Bank,” shared Jones in a statement regarding the anniversary.

At the end of 2022 Dogwood State Bank announced the opening of its newest location in Fayetteville, NC. The full-service branch is located at 225 Green Street and works to continue the bank’s vision of revitalizing community banking through the development of long-lasting relationships.

“The overall performance of the Fayetteville location is really, from a personal perspective, it’s humbling. The response from the community, from the customers has been more than I could have ever expected,” remarked Greg Reames, Dogwood State Bank Regional President for Eastern North Carolina.

Since its opening, the Fayetteville branch has grown to over $135 million in total portfolio; $63 million in loans and $72 million in deposits.

“That growth is pretty exemplary,” added Reames. “I mean, it's just fantastic to see how the community has embraced Dogwood and the team and really liked what we have to offer.”

Dogwood State Bank opened their Fayetteville branch in the former Systel building, a landmark in downtown Fayetteville.

“Keith Allison and the entire Allison family are great members of this community and they’re unbelievable landlords. We love being in that iconic building…to be in that landmark, [and] to see its kind of revitalization, they're doing a lot of work on it and to be part of that is fantastic.” remarked Reames.

To read our recent update on Dogwood State Bank’s merger with Community First Bank as mentioned in CEO Jones’ statement click here.

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