What financial services does Wachovia bank offer the car dealerships that are going out of business?
Bank competition, deposits growing in Golden Crescent The Golden Crescent is beloved by bankers. Growth and wealth make the area a sweet spot for community and national banks. But the competition is enormous as more banks compete for dollars—and on the flip side, loans. Access to capital markets, selling stocks and earning money through loan interest are how banks make money and please stockholders. Cabarrus County has been a strong market for a long time, says John Martelle, Wachovia’s Cabarrus market president. “Competition has been fierce for a number of years. We’ve seen an influx of competition from smaller community banks due to growth in the county. Wachovia has been doing very well in Cabarrus and continues to grow,” Martelle says Upstart Aquesta Bank, headquartered in Cornelius, opened a commercial loan generation office in Gaston and Cabarrus counties. The former office has been closed, while the latter, in Concord, is now unstaffed, as Aquesta focuses on the Lake Norman mark
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