ROCKY MOUNT, N.C., Jan. 7 /PRNewswire/ -- Centura Banks Inc. (NYSE: CBC)
announced today it has acquired Capital Advisors, a private commercial
mortgage banking company that provides long-term real estate financing
throughout the southeastern United States.
Headquartered in Charlotte, NC, Capital Advisors has production offices in
Columbia, SC; Atlanta, GA; Jackson, MS; and Raleigh, NC, where the company
also maintains a significant servicing portfolio.
"We have known and admired Capital Advisor's management team for some
time," said Cecil Sewell, Centura's chairman and CEO. "Access to permanent
sources of commercial real estate finance is a service we have committed to
offer our customers and our alliance with Capital Advisors provides an
opportunity to accelerate that offering."
"Our partnership with Centura allows us to be more competitive and grow
faster in a market with outstanding potential," said Don Williams, Capital
Advisor's president, who will continue to manage the company. Capital
Advisors will retain its name and autonomy as a subsidiary of Centura, while
becoming a part of Centura's rapidly growing Capital Markets Group, based in
Charlotte and headed by Bob Anders.
"Don Williams and his partners have acquired tremendous expertise over the
years in the commercial real estate finance industry," Anders said. "The
Capital Advisors team is known for building successful relationships by
providing outstanding service to real estate investors and developers. We
look to Capital Advisors to develop a commercial construction lending
capability to add to our existing menu of real estate credit products, thus
allowing Centura to offer complete financing for any type or size of real
estate project in the southeast. Our many real estate clients will now have
direct access to the capital markets for their financing needs."
Neither party disclosed terms of the agreement, which was finalized today.
With assets of $8.1 billion, Centura provides a complete line of banking,
investment, insurance and trust services to individuals and businesses in
North Carolina, South Carolina and Virginia. Services are provided through
210 financial centers and over 300 ATMs; the Centura Highway telephone banking
center; Centura's Internet site; and Quicken(R), QuickBooks(R), Microsoft(R)
Money and Quicken(R) Lite (formerly BankNow(TM)), the leading personal finance
software packages.
SOURCE Centura Banks Inc.
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Company News On-Call:
http://www.prnewswire.com/comp/870954.html or fax,
800-758-5804, ext. 870954
CONTACT:
Bob Anders, Centura Banks Inc., 704-331-1451,
or banders@centura.com, or Don Williams, Capital Advisors,
704-332-0162, or donwill3@bellsouth.net
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