CapStar Bank, a subsidiary of CapStar Financial Holdings (NASDAQ:CSTR), today announced its entry into Asheville. Martin Nesbitt has joined CapStar as Asheville Market President and will begin building a team of experienced financial professionals to serve small to medium-sized businesses and their owners, professionals, real estate investors, and relationship retail customers. Martin will be joined by prominent local business leaders Sutton Bacon, Chris Eller, and Cale Smith who will lead the development of a strong and effective local advisory board. The process is underway to identify CapStar’s first office in North Carolina.
“CapStar is excited to continue its momentum by expanding into the dynamic Western North Carolina market,” said Timothy K. Schools, President and Chief Executive Officer of CapStar. “One of the South’s most attractive places to live and work, Asheville lost the majority of its community banks over the past decade and is now principally served by extremely large banks, often with less personal service and bankers out of Charlotte. As an Asheville native, Martin’s deep local banking experience and the Nesbitt family’s long history of community involvement are the perfect match for CapStar’s unique, highly responsive and flexible business model. We look forward to returning local community banking to The Land of the Sky.”
“In an effort to invest excess capital, diversify risk, and increase revenue growth, we have attracted leading banking teams in Asheville, Chattanooga, and Knoxville over the past two years,” Schools continued. “Our initial results have exceeded expectations with Chattanooga and Knoxville approaching $400 million in total assets, achieving preprovision profitability in 6 months, and full preprovision earnback in 8 months. CapStar is now strategically positioned in four of the nation’s strongest markets and our recent investments in these three communities provide significant upside in our future profitability and growth.”
