Uwharrie Capital Corp is a North Carolina business corporation and registered
bank holding company. The Company was organized on July 1, 1993 to become the
bank holding company for Uwharrie Bank (the “Bank”), a North Carolina
commercial bank, originally chartered on September 28, 1983 as Bank of Stanly,
and its three wholly-owned subsidiaries, The Strategic Alliance Corporation
(“Strategic Alliance”), BOS Agency, Inc (“BOS Agency”)
and Gateway Mortgage, Inc., a mortgage brokerage company acquired in August
2000. The Company also owns two non-bank subsidiaries, Uwharrie Investment Advisors,
Inc., formally known as Strategic Investment Advisors, Inc. formed in 1999 and
Uwharrie Mortgage, Inc. formed in 2004.
The Company and its subsidiaries conduct their operations in Stanly County,
Anson County, Cabarrus County and Mecklenburg County, North Carolina. The Company
is community oriented, emphasizing the well-being of the people in its region
above financial gain in directing its corporate decisions. In order to best
serve its communities, the Company believes it must remain a strong, viable,
independent financial institution. This means that the Company must evolve with
today’s quickly changing financial services industry. In 1993, the Company
implemented its current strategy to remain a strong, independent community financial
institution that is competitive with larger institutions and allows its service
area to enjoy the benefits of a local financial institution and the strength
its capital investment provides the community. This strategy consists of developing
and expanding the Company’s technological capabilities while recruiting
and maintaining a workforce sensitive to the financial services needs of its
customers. This strategy has provided the Company with the capacity to grow
and leverage the cost of delivering competitive services.
The Bank is a North Carolina chartered commercial bank, which was incorporated
in 1983 and which commenced banking operations as Bank of Stanly on January
26, 1984. Its main banking office is located at 167 North Second Street, Albemarle,
North Carolina, and it operates eight other banking offices and one loan production
office in Stanly County, Cabarrus County, Anson County and Mecklenburg County,
North Carolina. The Bank is the only commercial bank headquartered in Stanly
County.
Its operations are primarily retail oriented and directed to individuals and
small to medium-sized businesses located in its market area, and its deposits
and loans are derived primarily from customers in its geographical market. The
Bank provides traditional commercial and consumer banking services, including
personal and commercial checking and savings accounts, money market accounts,
certificates of deposit, individual retirement accounts, and related business
and individual banking services. The Bank’s lending activities include
commercial loans and various consumer-type loans to individuals, including installment
loans, mortgage loans, equity lines of credit and overdraft checking credit.
The Bank also offers Internet Banking, eBanking, mobile banking, 24-Hour Telephone
Banking, and issues Visa® Check Cards, an electronic banking card, which
functions as a point-of-sale card and allows its customers to access their deposit
accounts at the Bank’s nine branches and at most automated teller machines
of other banks linked to the STAR® or CIRRUS® networks. The Bank offers
credit cards under license from MasterCard®. The Bank does not presently
provide the services of a trust department.
The Bank has three wholly-owned subsidiaries, BOS Agency, Strategic Alliance
and Gateway. BOS Agency was formed during 1987 and engages in the sale of various
insurance products, including annuities, life insurance, long-term care, disability
insurance and Medicare supplements. Strategic Alliance was formed during 1989
as BOS Financial Corporation and, during 1993, adopted its current name. It
is registered with the SEC and licensed by the Financial Industry Regulatory
Authority (“FINRA”) as a securities broker-dealer. Gateway is a
mortgage brokerage company, acquired by the Bank in 2000.
The Company has two non-bank subsidiaries. Uwharrie Investment Advisors Inc.,
which is registered as an investment advisor with the SEC, began operations
on April 1, 1999 and provides portfolio management services to customers in
the Uwharrie Lakes Region. The Company established Uwharrie Mortgage, Inc.,
a subsidiary to serve in the capacity of trustee and substitute trustee under
deeds of trust, in 2004.