Sound Bank History
Sound Bank got its start in the spring of 2000 when several Morehead City bankers began to talk about starting a community bank. They 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 and work in 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. Sixteen business leaders who were especially committed to making the idea of Sound Bank a reality became charter board members: William A Blackmon, Ann P. Bryan, Christopher J. Chadwick, S. Phillip Collins, Lowell A. Fredeen, Malcolm C. Garland, John M. Harris, Leslie N. Ipock, DDS, Rodney Knowles, III, Jeffrey K. Moore, MD, Randall C. Ramsey, Gregory P. Powell, 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.
In spring of 2005, a full service branch opened in Cape Carteret. A loan production office opened in New Bern in July, 2006, a full service branch was built in Beaufort in July 2007 and a loan production office was added in Jacksonville in 2012.
A new full service branch opened in Cedar Point in June, 2013 to replace the outgrown Cape Carteret office and a full service branch opened in New Bern in August, 2014. In April 2015, a loan production office opened in Wilmington which became a full service branch in January 2016.
Sound Bank has grown from an upstart bank with twelve employees to a thriving community bank with over $170 million in assets, six locations and forty-eight 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”.