TrustAtlantic, bucking bank slump, plans big move

RALEIGH -- TrustAtlantic Bank agreed to anchor a high-profile building at a busy intersection -- the latest growth maneuver for the 17-month-old bank.

The bank said Monday it would move its headquarters to and splash its logo atop a five-story building at the high-traffic corner of U.S. 70 and Creedmoor Road.

The building at 4513 Creedmoor Road has been known for its digital time-and-temperature display. By the time TrustAtlantic moves in September 2009, after a major renovation, it will be known as the TrustAtlantic Center.

"We're here to stay, we're here to grow," James A. Beck, the company's chief executive, said at a Monday news conference.

About 40 TrustAtlantic employees -- including executives, commercial lenders and other staff -- will occupy the building. The company also plans a full-service bank branch on the ground floor. It expects to hire at least 15 employees by the time the new office opens.

The bank agreed to a 10-year lease of about 19,000 square feet in TrustAtlantic Center. That's about twice the size of its current headquarters at 6131 Falls of the Neuse Road. The company also has room to grow in the 32,000-square-foot building.

TrustAtlantic chose the building because of its central location and road access, which make it convenient for customers.

The building, across Creedmoor from Crabtree Valley Mall, is no stranger to banks. Built in 1973 for the Raleigh Savings and Loan Association, it has traded hands several times, most recently selling in April to a group of investors including Greg Sanchez, president of Durham real estate services firm Tri Properties.

And Beck is no stranger to the building. "It's funny how things come around," he said. "... I've actually been looking at, evaluating, kind of drooling over this site for probably in excess of 15 years, dating back to when I was CEO of SouthTrust Bank."

Years later, when Beck was CEO of Capital Bank, he leased space in the building for that bank's accounting department. Beck worked in the building next door.

TrustAtlantic was founded when a group led by Beck raised $45 million in capital -- the second-largest amount ever raised by a new Triangle bank. The company had more than $260 million in assets at the end of September, Beck said.

The bank expanded quickly by acquiring Greenville-based Millennia Community Bank, with $35 million in assets. TrustAtlantic now has two branches in Raleigh, one in Cary and two in Greenville.

The announcement is a bright spot in an otherwise bleak banking landscape -- a "world of endlessly bad news," said E. Stephen Stroud, TrustAtlantic chairman.

The TrustAtlantic Center branch will be part of an extensive overhaul, to begin in January. The makeover will include a renovated lobby, floor-to-ceiling glass, new mechanical systems and a new drive-through canopy that will allow for two lanes of banking traffic, plus a drive-through ATM. TrustAtlantic is to occupy the first, fourth and fifth floors of the 32,000-square-foot building.

The project aims to meet the standards of the U.S. Green Building Council's Leadership in Energy and Environmental Design, or LEED, rating system, which encourages environmentally friendly construction practices and energy-saving design.

Such designs "also provide tangible cost savings to tenants and owners through improved efficiencies," Sanchez said.