Business roundup: Community Bank of Rowan earns high ranking in lending
During fiscal year 2008, Community Bank of Rowan ranked second among community banks in North Carolina in U.S. Small Business Administration lending.
“This is a tremendous achievement for Community Bank of Rowan,” said Bruce Jones, president and chief executive officer. “When we first opened the bank in 2006, our promise was to serve small businesses, professionals, entrepreneurs and families.
“This feat is proof positive that we are living up to our mission.”
Community Bank issued 12 Small Business Administration loans totaling $3.1 million during fiscal year 2008, which ended Sept. 30.
Surrey Bank & Trust Co. ranked first in the state among community banks with 47 SBA loans totaling $7.1 million. Mountain 1st Bank & Trust ranked third, and Bank of Stanly ranked fourth.
Heidi Whitesell, Community Bank of Rowan’s SBA specialist, said the bank offers the SBA’s prestigious Preferred Lender Program, meaning the bank can grant the fastest approvals in the country on SBA guaranteed loans for business clients who qualify.
Whitesell said entrepreneurs and small businesses can use SBA loans for the following purposes:
– To start or acquire a business.
– To purchase or renovate real estate.
– To purchase or upgrade equipment.
– To obtain working capital.
– To manage day-to-day cash flow and purchases.
For more information on SBA loans through Community Bank of Rowan, contact Whitesell at 704-639-0730.
First Bank hires business development officer
First Bank has hired Kimberly Rinehardt as a business development officer in the Salisbury branch office.
Rinehardt brings more than 27 years of banking experience to the job.
“We’re happy to welcome Kim to our Salisbury branch,” said Janet Abernethy, regional executive and senior vice president for First Bank. “We are confident that she will be a great asset to First Bank.”
Originally from Kannapolis, Rinehardt graduated from A.L. Brown High School and studied banking and criminal justice at Western Carolina University. She has banking experience as a teller, a loan officer, an assistant manager and a manager, as well as in customer service.
Rinehardt is a member of the Friendship United Methodist Church in Concord, having served as both its financial chairman and its secretary.
A resident of Cabarrus County for 48 years, Rinehardt lives with her husband, Joe, in Mount Pleasant.
Financial Peace University starting
China Grove ó Victory Wealth Management Inc. will be facilitating Dave Ramsey’s Financial Peace University at the 603 N. Main St. office.
The 13-week program that teaches how to make the right decisions with your money. A preview will be held Monday, Jan. 12, or Monday, Jan. 19, at 6:30 p.m. to provide prospective participants the opportunity to learn more about the program and to ask questions.
Regular classes begin Monday, Jan. 26, from 6:30 to 8:30 p.m. and will continue for 13 weeks on Monday nights.
For more information, you can e-mail Beth@VictoryWMI.com or call 704-857-4924.
Fred’s taps Albemarle native as CEO
Fred’s Inc.has promoted President Bruce A. Efird to chief executive officer, effective at the commencement of the company’s next fiscal year, Feb. 1.
Efird, , 49, will retain the title of president and remains a director of the company. He will succeed Michael J. Hayes, 67, who will continue as chairman of the board of directors.
Hayes, said, “We are excited to announce this next step in our plan to provide new leadership at Fred’s and lay the groundwork for an orderly transition.”
Efird joined Fred’s as president in September 2007.
Efird, a native of Albemarle, graduated from West Stanly High School. He earned a bachelor of science degree in business administration from Lenoir-Rhyne. He lives in Eads, Tenn., near the company’s home office in Memphis, with his wife and family.
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