Aquesta
United Community Banks completes acquisition of Aquesta
Nov. 1. By Dave Yochum. United Community Banks, which has officially taken over Aquesta Financial Holdings, is erecting new signage on the Jetton Road headquarters of the local bank. It marks the end and the beginning of two financial institutions in Cornelius. Aquesta, founded by Jim Engel and other investors in 2006, had $752 million […]
Aquesta announces strong 2Q results
July 23. Aquesta Financial Holdings, parent of Aquesta Bank, said net income for the second quarter of 2019 ended June 30 was $1,188,000 compared to second quarter of 2018 net income of $2,031,000. The net income for the second quarter of 2018 included a one-time gain of $1.4 million on Aquesta’s sale of its insurance […]
Aquesta Financial reports gains in recurring net income for second quarter
Aquesta Financial Holdings second-quarter net income was $2.031 million this year compared to $482,000 during the second quarter of 2017. This year’s results include a one-time after-tax gain of $1.7 million on the sale of Aqusta Insurance. There were also one-time transaction costs which reduced earnings by $292,000. Normalized earnings were $622,000, a 29.0 percent increase over […]
Charlie Curtis new SVP at Aquesta
Charlie Curtis has been promoted to to senior vice president/western regional commercial executive at Aquesta Bank, based in Cornelius. A lifelong resident of North Carolina with over 25 years in the NC banking industry, he has been with Aquesta since 2011. Previously he was responsible for the management of the commercial lending team in the Lake […]
Aquesta Financial sells insurance unit
July 2. NFP, one of the nation’s largest insurance brokers, has acquired Aquesta Insurance Services. It is estimated the sale will result in an after tax gain to Aquesta’s parent company, Cornelius-based Aquesta Financial Holdings, of approximately $1.7 million or 43.1 cents per share. NFP will continue to operate from the current Aquesta Insurance locations, […]
Aquesta announces 2017 fourth-quarter earnings
Jan. 26. Aquesta Financial Holdings, Inc., the parent company of Aquesta Bank and Aquesta Insurance Services, today announced earnings and loan growth for the fourth quarter of 2017. For the fourth quarter of 2017, Aquesta had unaudited net income of $204,000 at 6 cents per share compared to 2016 fourth quarter net income of $529,000 […]
Aquesta Bank plans new branch in S. Mecklenburg
Cornelius-based Aquesta Bank plans to open a branch on Ardrey Kell Road in a fast-growing upscale area of South Mecklenburg. The full-service branch, pending approval from the Commissioner of Banks as well as the FDIC, will likely have about 3,000 square feet. “We are expanding in south Charlotte to capitalize on the terrific growth we […]
Bank growth continues, earnings reports from Aquesta, Uwharrie
April 26. Net income at Aquesta Financial Holdings fell 26 percent during the first quarter of 2016, but the parent company of Aquesta Bank is on a growth streak, having invested in the Charlotte market during the past year. “Expansion costs must be incurred prior to revenue recognition. For example, the bank’s investment in lenders […]
Aquesta Bank will open Wilmington branch
Feb. 2. Cornelius-based Aquesta Bank will open a full service bank branch in Wilmington, proof, perhaps, that the Aquesta name and logo translates well to an upscale, waterfont-oriented marketplace. Aquesta Financial Holdings officials said they “recently finalized the purchase of a soon-to-be full-service bank branch” in Wilmington. While no other details were immediately available, the […]
Banks report stellar growth in income, assets, deposits
Banks in the Golden Crescent are benefiting from an extraordinary economic boom in North Carolina, and their first nine months reflect exceptional growth in and around Charlotte. Harry Davis, the chief economist for the North Carolina Bankers Association, says loan growth nationwide is running about 2 percent per year. In North Carolina, it’s running at […]
