First Cahawba adds branch in Troy

Published 8:39 pm Friday, July 28, 2017

A Selma bank is branching out. First Cahawba Bank has announced plans to open a branch in Troy.

“Back in 2011, we opened a loan production office there in Troy because we had a seasoned banker there who’s actually been a career banker all his life,” said Richard Walters, president and CEO of First Cahawba. “[Grady Capps] had really strong ties to that community for most all of his life, and he’s built some tremendous relationships with a lot of people over there.”

They have had a loan production office there for some time, but believed now was the right time to offer the community even more.”

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Capps said the bank’s presence in Troy has grown over the years, and it was time to expand.

“The business that I have accumulated over the last six years had grown to the point that we were going to have to hire more people,” Capps told The Troy Messenger. “So the decision was made that if we were going to do that, we might as well offer a full variety of products and services.”

Walters said having the full branch was always the idea, and they are excited to start that process.

“When we opened up the loan production office, it was for loans only. We’re not allowed to take deposits at a loan production office,” Walters said. “So, once we built up a good, solid loan base, we started reaching out to the community and his customers, and they basically said yes, if you bring a branch to town, we’ll do branch banking with you.”

Walters said the bank is hoping to have the branch open in the next 10 months and is looking at expanding to other cities.

“We’re always looking for other markets out there,” Walter said. “If it makes sense to be there, we’ll be there.”

Overall, Walters said he is just happy to get the ball rolling and have the bank branch open next year.

“We could not be more excited about this,” Walters said.

“This is something that we’ve been planning for the last two or three years, but we’ve just been looking for that right piece of property, and we finally found it.”

The branch will be at the intersection of John H. Witherington Drive and Trojan Parkway in Troy.

“We’re just really excited about this project,” Walters said. “We’re really excited for the shareholders. I think it adds a lot of shareholder value, and it increases our footprint in the state and allows us to go into other markets with a little more confidence.”