by ellison clary
[bizprofile]
Banking on $mall Bu$ine$$ W
es Sturges and start-up bank seem synonymous. The three-decade veteran of Charlotte financial institutions will be opening his second bank in 10 years on February 7, 2006. But perhaps small business and Sturges is an even closer association. After all, he’s concentrated on serving entrepreneurs since even before he birthed First Commerce Bank in 1996 to key on that market. Now, with Bank of Commerce, he’s poised to solicit mom’n’pop companies anew.
Sturges is Back with Another New Bank
“It’s important for Charlotte for that niche to be healthy,” Sturges says of the small- and medium-sized business market, pointing out there are 22,000 area companies with 50 or fewer employees. Sturges (and shareholders) sold his first start up, First Commerce Bank, to Bank of Granite in 2003. He sees Bank of Commerce, which will open with 14 employees in a single office at the corner of East Third Street and Queens Road, as a worthy successor in that it will be even more small-business oriented. Sturges defines a small business as an operation with sales of less than $10 million a year and a medium-sized business as one with under $50 million in annual sales. While Charlotte might seem an unlikely spot for a new bank, given that it’s headquarters for Bank of America and Wachovia and supports large offices for regional institutions such as BB&T, First-Citizens and others, Sturges sees things differently. Bigger banks seek profits in volume, Sturges says, and have a hard time making money with small businesses. Sturges enjoys figuring out how to help these small firms, which he likens to the crossword puzzles that have him hooked. “No matter how well the puzzle is done,” he says, “there are probably some things that still could be done better. I enjoy getting to know the business owners, many of whom have become my friends. When I see a business that I made a loan to grow to be extremely successful, I get a lot of fulfillment out of that.” Sturges points to Jeff Hunt, who with wife Diane was struggling to get his Competitive Edge Sports, Inc. business operating smoothly. The company works in screenprinting, embroidery and promotional items.
greater charlotte biz
febr uar y 2006
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