North State Bank To Acquire Affiliated Mortgage

Raleigh, N.C.-based North State Bank has signed an agreement to acquire the mortgage operations of Affiliated Mortgage LLC, a mortgage company also based in Raleigh.

The agreement calls for the purchase to close on or before Feb. 12, at which time a new division of the bank – North State Bank Mortgage – will form, with Ken Sykes, Affiliated's managing partner, serving as president.

‘Simply put, we are in the relationship banking business,’ says Larry D. Barbour, president and CEO of North State Bank and North State Bancorp, the bank's holding company. "Being able to provide residential mortgages for our customers is a critical part of our commitment to serving them.
Founded in 2000, North State Bank is a full-service community bank serving Wake and New Hanover counties through seven full-service offices and a loan production office in Carteret County.

SOURCE: North State Bank


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