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Aquesta Bank to Expand Wilmington Presence

CORNELIUS, N.C., Feb. 08, 2016 (GLOBE NEWSWIRE) -- Aquesta Bank (OTC Market symbol AQFH) announced that it has received all regulatory approvals necessary to open a new branch located on Military Cutoff Road in Wilmington. Aquesta previously entered into a contract with Gateway Bank to purchase the former branch site situated across the street from the Mayfaire shopping mall. The new branch is expected to open in the second quarter of 2016.



Aquesta Bank’s affiliate (Aquesta Insurance Services, Inc.) has operated in Wilmington for over 8 years as a wholly owned independent insurance agency. The new bank branch is across the street from the current insurance agency location and is big enough to allow all agency personnel to relocate to the new Aquesta Bank branch building. In addition, Aquesta has had a commercial loan officer in Wilmington for the past two years who will also reside in the new branch.

CEO and President of Aquesta, Jim Engel, stated “This is a great opportunity for Aquesta Bank to continue to expand its customer service capabilities. The new building has space for our current operations plus enough additional space to rent a floor to a third party thereby reducing our costs of ownership. We can now consolidate operations in a very desirable location, expand banking services to our current Wilmington loan customers and do so very efficiently through the combination of lease savings from the agency plus rental income from the excess space.”

Aquesta has branches in Davidson, Huntersville, Cornelius, Mooresville and its newest location in Charlotte. Aquesta Insurance Services, Inc. ---an independent agency--- has offices in Cornelius, Huntersville, Mooresville and Wilmington.

For additional information, please contact Jim Engel (Chief Executive Officer and President) at 704-439-4343 or visit us online at www.aquesta.com.

Source:Aquesta Bank