Construction on a full-service branch of Surrey Bank & Trust is now under way at the corner of N.C. 268 and North Bridge Street in Elkin.
Bank President Ted Ashby said, “We’re excited about providing banking services in the Elkin and Jonesville market.”
Chartered in 1996, Surrey Bank & Trust is headquartered at 145 N. Renfro St. in Mount Airy at one of the city’s three full-service branches. Full-service branches also are located in Pilot Mountain and Stuart, Virginia.
A Surrey Bank & Trust loan production office is located at 1328 N. Bridge St. in Elkin, and another just opened in North Wilkesboro last week.
When a loan production office reaches a loan threshold allowing it to generate enough revenue to support the cost, Ashby said it can become a full-service branch. “So this will round out our product services for folks in the Elkin area,” he said, “and we’re excited about it.”
The full-service branch in Elkin is projected to be completed during the fourth quarter of this year, according to Ashby. “We’re hoping that it will be quicker,” he said, “but we don’t know about the weather.”
Plans call for the bank to be a traditional, one-story brick building just like like the Surrey Bank & Trust full-service branches in Pilot Mountain and Stuart.
Ashby said Bill Johnson, who is managing Surrey Bank & Trust’s loan production office in Elkin, will be the city executive and community lender for the full-service branch. Johnson is a vice president with Surrey Bank & Trust.
Elkin’s full-service branch will probably hire between four and five new employees, Ashby said.
Surrey Bank & Trust started working on acquiring the land for the full-service branch a year and a half ago. “We purchased land from the county and the state,” Ashby said. “It took an extended amount of time, but we thought it was a good location so we were patient.”
Surrey Bank & Trust is now the third largest bank in Surry County behind BB&T and Wells Fargo. “We think with the addition of this branch,” Ashby said, “we’ll be able to move into No. 2 in several years. We’re the largest bank in Mount Airy in terms of deposits here.”
Because its shareholder base is local, he said Surrey Bank & Trust is “the only remaining community-owned bank in Surry County.”
Surrey Bank & Trust is primarily a business bank, Ashby said, with more than two-thirds of its loans going to small businesses. “That is where we tend to stand above our competition,” he said.
Ashbey said that is also why Surrey Bank & Trust has led the state nine out of 10 years for business lending through the Small Business Administration. “We use a lot of different programs,” he said, “and businesses find it very helpful.”
Surrey Bank & Trust didn’t close its doors for loan requests during the economic downturn. “We’ve always been receptive to helping businesses grow in our communities,” Ashby said. “In order for us to be successful, we’ve got to make them successful.”
Ashby was among six individuals who started Surrey Bank & Trust and after being named the bank’s president, became its first employee. He is the only member of the board of directors who serves a dual role as director and employee.
Kathy Chaffin may be reached at 336-258-4059.