Sound Bank got its start in the spring of 2000 when Morehead City bankers, Greg Powell and Phil Collins began to talk about starting a community bank. They were joined by fellow banker, Bill Weinhold and Mal Garland, a 35-year veteran community banker and bank start-up consultant.
The four felt that a bank that was locally owned and operated could provide better personal service, especially with decisions being made locally by people who live, work and are committed to the community. They also felt that money deposited in the bank should be lent locally to help the community grow and prosper. It would also be important for employees to be dedicated to giving back to the community through local involvement. The name “Sound Bank” was chosen to reflect the flavor of the coastal area as well as the solid foundation of the bank.
A plan was made to raise the necessary $6.6 million in capital. Soon, approximately 1,000 shareholders – 90% of whom were local – had purchased stock in the new bank. Fourteen business leaders who were especially committed to making the idea of Sound Bank a reality became charter board members along with Greg, Mal and Phil: William A Blackmon, Ann P. Bryan, Christopher Chadwick, Lowell A. Fredeen. John M. Harris, Leslie N. Ipock, Rodney Knowles, III, Jeffrey K. Moore, MD, Randall C. Ramsey, Robert J. Touhey, Sr., Danny L. Varner and K. Dean Wagaman.
With the capital raised, the bank charter and formal paperwork approved by the NC State Banking Commission and the FDIC, the founders hired a staff, marketed their name, and recruited customers.
For the first year and a half, the staff of twelve worked out of a temporary office at 5039 Executive Drive in Morehead City while the new office was under construction on the same property. In February of 2003, Sound Bank moved into its present building. Richard McIntyre joined the bank as Executive Vice President and Chief Lending Officer later that year.
In spring of 2005, a full service branch was opened at 204 W.B. McLean Drive in Cape Carteret A loan production office opened in New Bern at 1706-D Highway 70 East in July, 2006 and a full service branch
was opened in Beaufort in July 2006.
In seven years, Sound Bank has grown from an upstart bank with twelve employees to a thriving community bank with over $128.2 million in assets,
four locations and thirty-four employees.
With a commitment to quality personal service and a dedication to the community, Sound Bank continues to grow and offer “Sound Thinking…Solid Results”.