More jobs may come with VantageSouth merger
Published 12:00 am Saturday, August 25, 2012
By Emily Ford
SALISBURY — The merger of VantageSouth with Crescent State Bank will mean new financial products for customers and could bring several new jobs to Salisbury, said Scott Custer, president and CEO of Crescent Financial.
VantageSouth, formerly the Community Bank of Rowan, and Crescent are sister companies under Piedmont Community Bank Holdings Inc.
“This is a very positive change for customers, employees and the community,” Custer said.
The merger could create between four and six jobs in Salisbury during the next 12 months, he said.
“We will be growing our presence in Salisbury as a result of this merger,” Custer said.
Salisbury serves as headquarters for VantageSouth’s U.S. Small Business Administration lending program.
VantageSouth, which has five branch offices in Salisbury, China Grove, Burlington and Fayetteville, ranks second in North Carolina behind Wells Fargo in the dollar value of SBA loans for the first 10 months of the federal fiscal year, which ends Sept. 30. BB&T ranks third.
Wells Fargo made 83 loans valued at $32.86 million. VantageSouth made 35 loans worth $32.4 million. BB&T made 95 loans valued at $22.9 million.
“You’ve got two huge companies in no. 1 and 3, and we are right there with them,” Custer said, “little VantageSouth out of Rowan County.”
The merger will bring new products to VantageSouth customers, including a wider selection of money markets and enhanced treasury and cash management services, he said.
All existing branches will remain open, and customers will continue doing business with employees they’ve come to know, Custer said.
Employees will have “a much more efficient operating system” with a better technology platform, he said.
The VantageSouth name likely will stay the same, and Seamus Donaldson will remain market president in Rowan County.
Contact reporter Emily Ford at 704-797-4264.