Richard A. Dutch Named Vice President, Commercial Relationship Manager
Greensboro, NC – July 2, 2008 – Premier Commercial Bank announced today that it has recently completed its stock offering after raising over $21 million in capital and has officially opened its doors for business. The Bank also announced a key executive hire -- Richard A. Dutch has been appointed Vice President, Commercial Relationship Manager.
The Bank successfully completed its stock offering by raising $21,177,717.00. A total of 1,925,247 shares were sold at $11.00 each. The initial fundraising goal was $17.6 Million. Funds will be used to provide loans to Premier’s first customers and support its initial asset base.
Premier Commercial bank focuses on supporting small to medium-sized businesses, their owners, and employees with banking products and services specifically tailored to their needs. The Bank’s flagship location is 701 Green Valley Road, Suite 102, Greensboro. Offices are also planned for Winston-Salem and High Point.
In his role as Commercial Relationship Manager, Rick Dutch will build relationships with business owners throughout the Triad, assisting them in providing for their business and personal banking needs. Mr. Dutch brings 13 years of experience in the financial services industry, most recently as Vice President of First Citizen Bank. He previously held finance positions with Wachovia Bank and Enterprise Fleet Services. He has volunteered as Ambassador with the Greensboro Chamber of Commerce, a Board member of the Forsyth Consumer Council Service and as a member of the United Way Allocation Committee.
“Today’s announcements underscore the dynamic progress that we have achieved since we announced in May of 2007 that we were seeking to organize the Triad’s first business-only bank,” said Frank Gavigan, President and CEO of Premier. “In one year’s time, we have been granted a charter by the North Carolina Banking Commission, exceeded our capital-raising goals in a tough economic climate and hired some of the Triad’s most talented banking executives. Rick’s addition propels our program to an exciting new level, where we are signing new customers, strengthening our ties in the community, and providing exceptional customer service to a previously underserved banking segment.”
About Premier Commercial Bank
Premier Commercial Bank is the only business bank headquartered in North Carolina’s Piedmont Triad focused exclusively on meeting the banking needs of small and medium-sized businesses. The Bank offers an extensive line of commercial products and services to target customers in manufacturing, warehousing, transportation, real estate, medical, legal, financial and other fields. Our customer service staff are experienced banking experts who work closely with each customer to develop highly customized banking services. Personal banking services are also available to commercial customers.