IronStone Bank has announced plans to enter the
Portland, Ore., market, continuing its Western United States expansion.
IronStone Bank, which focuses on serving small
business and professional clients, is seeking regulatory approval
from the Office of Thrift Supervision to open at 309 SW 6th Avenue
in Portland City Center. The bank expects to open in the second
quarter of 2004.
IronStone is a division of Atlantic States Bank,
a federal savings bank that is a subsidiary of First Citizens BancShares
Inc. (Nasdaq: FCNCA). First Citizens BancShares is a $12 billion
financial holding company based in Raleigh, N.C. First Citizens
BancShares was recently listed as one of the highest rated small
business banks in the country by the Small Business Administration.
“IronStone Bank’s focus on small
business and professional clients fits well with Portland’s
commitment to a healthy and progressive business climate,”
said Jay Parker, IronStone Bank president. “We’re looking
forward to becoming a part of this outstanding community.”
Parker said he expects to put together a team
of locally experienced bankers to manage operations in Portland.
Since opening its first office in Austin, Texas,
in September 2002, IronStone Bank has expanded to 10 branches in
Texas, Arizona and California. The bank recently received federal
approval to open offices in New Mexico and Colorado.
In addition to the IronStone Bank division, Atlantic
States Bank has 34 offices in Florida and Georgia. Jim Pope is president
of Atlantic States. In March 2004, all Atlantic States offices will
convert to the IronStone Bank name to reflect the company’s
steady growth across the United States.
First Citizens BancShares’ lead subsidiary
is First Citizens Bank, which opened its first branch in 1898 and
has 332 offices in North Carolina, Virginia and West Virginia.
IronStone Bank works to build longstanding relationships
with individual customers, small to mid-sized businesses, professionals
and the medical community. In addition to its branch offices, customers
can access financial services through the bank’s Customer Contact
Center at 1-866-IB DIRECT (1-866-423-4732) and through the Internet
at ironstonebank.com.
For more information, contact:
Barbara Thompson
(919) 716-2716
First Citizens BancShares
