ASBB Company

ASBB Company: An In-Depth Overview

1. Company Overview

Founding Date and Background

ASB Bancorp, Inc., also known by its ticker symbol ASBB, is a bank holding company that operates primarily through its wholly-owned subsidiary, Asheville Savings Bank, S.S.B. Founded in 1936, ASBB has a long-standing history in the financial services sector, particularly in western North Carolina.

Parent Company/Ownership Structure

ASBB was previously an independent entity until it merged with First Bancorp in October 2017. Following this merger, ASBB became a wholly-owned subsidiary of First Bancorp, which operates as the holding company for First Bank.

Headquarters Location

The headquarters of ASB Bancorp, Inc. is located at 11 Church Street, Asheville, North Carolina, 28801, USA. This strategic location allows the company to serve its customer base effectively across the region.

Global Business Scope

While ASBB primarily focuses on providing banking services in western North Carolina, its parent company, First Bancorp, operates more broadly, offering services across multiple states in the southeastern United States. ASBB's operations mainly include traditional banking services, such as deposit accounts, loans, and wealth management.

Main Regulatory Bodies

ASBB is regulated by several key bodies, including the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the North Carolina Office of the Commissioner of Banks. These regulatory bodies ensure that ASBB adheres to the necessary banking laws and regulations.

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2. Company History and Development

Key Milestones

ASBB's history is marked by several significant milestones. Founded in 1936, the bank has grown from a small community bank to an integral part of the Asheville financial landscape. The merger with First Bancorp in 2017 represented a pivotal moment, allowing ASBB to expand its service offerings and customer base.

Business Expansion Journey

Over the decades, ASBB has expanded its branch network, currently operating 13 branches throughout western North Carolina, including key locations in Asheville, Hendersonville, and Waynesville. This expansion has facilitated increased access to banking services for individuals and businesses in the region.

Customer Base Growth

ASBB has focused on building long-term relationships with its customers, which has contributed to its growth. The bank provides personalized financial solutions tailored to the needs of its diverse customer base, which includes both individuals and businesses.

Platform Development History

The bank has continuously evolved its service offerings to meet customer demands. This includes the development of online banking services, which allow customers to manage their accounts and conduct transactions conveniently.

Important Awards or Recognitions Received

ASBB has received various recognitions over the years, particularly for its commitment to community service and customer satisfaction. These awards reflect its dedication to providing excellent customer service and its role in supporting the communities it serves.

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3. Trading Services Offered

Forex Trading Options

ASBB does not primarily focus on forex trading, as it is primarily a community bank offering traditional banking services. However, through its parent company, First Bancorp, customers may have access to investment services that include forex trading through affiliated platforms.

Stock Trading Options

ASBB is publicly traded on the NASDAQ stock exchange under the ticker symbol ASBB. Investors can buy and sell shares of ASBB, which provides an avenue for individuals to invest in the bank's growth and profitability.

CFD Trading Products

ASBB does not directly offer Contracts for Difference (CFDs) as part of its service portfolio. Its primary focus remains on traditional banking services rather than speculative trading products.

Other Financial Instruments

While ASBB does not specialize in cryptocurrencies or commodities trading, its parent company may provide access to such investment options through affiliated financial services. ASBBs core offerings revolve around deposit accounts, loans, and wealth management services.

Special Services or Unique Advantages

ASBB prides itself on its personalized customer service and community involvement. The bank's mission to provide tailored financial solutions and its commitment to building long-term relationships with customers set it apart from larger financial institutions.

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4. Regulatory and Legal Background

Detailed Regulatory Information

ASBB is subject to regulation by several bodies, including:

• Federal Reserve
• Federal Deposit Insurance Corporation (FDIC)
• North Carolina Office of the Commissioner of Banks

These agencies oversee the bank's operations, ensuring compliance with federal and state banking laws.

Legal Entity Structure by Region

ASBB operates primarily within North Carolina under the legal framework established by the states banking regulations. Its structure as a bank holding company allows it to manage its subsidiary, Asheville Savings Bank, S.S.B., effectively.

Client Fund Protection Measures

ASBB participates in the FDIC insurance program, which protects depositors by insuring deposits up to $250,000 per depositor, per insured bank, for each account ownership category. This provides a layer of security for customers' funds.

Countries/Regions Served

ASBB primarily serves customers in western North Carolina. Its operations are localized, focusing on community banking rather than international markets.

Compliance History

ASBB has maintained a strong compliance record, adhering to the regulations set forth by its governing bodies. The bank's commitment to regulatory compliance is evident in its operational practices and customer service policies.

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5. Competitive Landscape

3-5 Main Competitors

ASBB faces competition from several other financial institutions, including:

• First Citizens Bank
• BB&T (now Truist)
• Regions Bank
• United Community Bank

These competitors provide similar banking services and have established presences in the region.

Positioning in the Industry

ASBB positions itself as a community-oriented bank focused on personalized service and long-term customer relationships. This differentiates it from larger banks that may prioritize volume over individualized service.

Market Differentiation Factors

ASBB's commitment to serving the local community, personalized financial solutions, and strong customer service are key factors that differentiate it from competitors. The bank's focus on building long-term relationships and its involvement in local initiatives further enhance its reputation in the market.

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In conclusion, ASBB is a well-established community bank with a rich history and a commitment to serving the financial needs of its customers in western North Carolina. Its merger with First Bancorp has allowed it to expand its offerings while maintaining a strong focus on customer service and community involvement. As ASBB continues to adapt to the evolving financial landscape, it remains dedicated to providing personalized solutions to its diverse customer base.

For more information about ASBB and its services, learn more.