BlueHarbor Bank will grow with new branch in Huntersville - Business First of Louisville:

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And the company hopes to breai ground on its permanent headquartersd earlynext year. BlueHarbor opene d in January after raising morethan $20 million in startup capital. The bank, headed by Chieg Executive Jim Marshall, is targeting small-business and retail customers in the LakeNorman area. Marshall hopes to open the bank's second locatiohn in a branch building formerly occupiedby "We thinko it's a great opportunity for says Marshall, who previousl y was CEO of and spent 15 years with First Citizensw Bancshares. "We're pleased with wherw we are in our younglife cycle.
" BlueHarbofr plans to build its permanent headquartersa on the same lot where its temporart building is located in the Morrison Plantation development. At the end of the first quarter, BlueHarbor had $26 millionj in assets and reported a lossof $1.3 Startup banks typically don't turn a profit in their firsyt two years of business as they build up loans to generate interest income. Marshall says the bank is makinhg a fair number of loans tosmall businesses, but it'ss doing relatively few construction and developmentr deals due to the real estates slowdown.
The bank has hired a branch managere for its newlocation -- a formed employee of the former , whicg was recently acquired by Cincinnati-based . Marshall says a few Firstf Charter customers have visited BlueHarbor expressingg interest in movingtheit accounts, which he says is standar when a local bank disappears because of merger. "Fifth Thirdc can do everything but there's just a certain amountg of people that want to remain with a locall bank," he says. Much of BlueHarbor's business modeo is based on the approachof Ore.-based . The company favors stylish "stores" that offer free wireless Internet access andthe bank's own brane of coffee.
BlueHarbor is already offering itsown coffee, a Costas Rican blend made for the bank by Dilworth "We recognize we're in the marketing business -- we're just marketing bank productss and services and giving them a retail spin that most banksd don't employ," Marshall says. When Fifth Third Bancorp's acquisition of Charlotte-based First Charter closed this month, the majorityy of the company's more than 35 million sharese were exchanged for FifthThird stock. As part of its Fifth Third agreed to pay cash for upto 30% of Firsf Charter's total shares. After last some of those new Fifth Third shareholders may be wishing they had been part ofthat 30% group.
Last shares of Fifth Third dropped morethan 10% as an analyst at projectecd the $111 billion-asset bank will have to cut its dividendx and raise new capital due to anticipatef loan losses in its mortgage portfolio. About a third of the bank'se loan portfolio is in Floridaand Michigan, two states hit hard by the housing The stock price dropped an additional 14% Wednesday after Fifth Third said it would slasuh its second-quarter dividend to 15 centsw per share from the 44 centsd it paid in the first Also, the company confirmes it is launching a stock offering in an efforf to shore up its capital In addition, the Cincinnati-based bank plans to sell severapl noncore businesses.
It didn't identify which businesses it will Bynoon Wednesday, Fifth Thir shares had dropped to $10.89 from Tuesday's closing price of Fifth Third paid $31 for each sharse of First Charter, or aboutg $1.1 billion for the $4.8 billion-asset bank. The deal has given it 57 branchesd in North Carolina and two insuburba Atlanta. The bank converted First Charter's computefr systems and branches on June 9 and unveiled new signa thesame day. Bob formerly chief executive of First is president ofFifth Third'xs North Carolina affiliate.