CapStone Bank expands to Cary

CapStone Bank has expanded beyond its Raleigh roots.

The bank announced this morning that it recently opened a loan production office in Cary and eventually expects to open a full-service branch in Cary. The new office is at 1140 Kildaire Farm Road.

CapStone, which focuses exclusively on small and midsize businesses, opened its flagship office in Raleigh in August 2006.

Unlike other banks, its business model -- similar to other business-only banks such as Paragon Commercial Bank in Raleigh and KeySource Commercial Bank in Durham -- doesn't rely on having numerous locations. Its business customers tend to bank remotely, which includes online banking as well as submitting checks electronically.

"You don't really need to come in our banks," said CEO Steven Ogburn.

Ogburn said that CapStone's expansion was driven by the availability of Jonathan Taylor, who was hired as senior vice president to lead the Cary operation. Taylor, a veteran of BB&T and Crescent State Bank, most recently was managing partner of Everest Group, a real estate investment company based in Cary.

Although many banks are struggling, Capstone had its best year ever last year. Its 2009 profit totaled $925,000, up from $287,000 a year earlier.

CapStone ended 2009 with $185 million in assets, up from $152 million in 2008.