CapStone Bank has expanded beyond its Raleigh roots.
The bank has opened a loan production office in Cary and eventually expects to open a full-service branch in the town. 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.
Its business model - like those of 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 online and submit checks electronically.
CEO Steven Ogburn said 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 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.
Staff writer David Ranii
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