Capitol City Bank (Atlanta) & North Carolina Mutual Insurance Company (Durham) Create Strategic Alliance to Grow Nationwide Business in the Banking & Insurance Industries
 
Two minority owned businesses, Capital City Bank & Trust Company, and North Carolina Mutual Life Insurance Company, have joined forces to increase profit and make comprehensive financial services available. This program, scalable for other financial institutions, will enable these companies to pursue major contracts with large corporation and municipalities, and to offer customers all types of financial products and services.
 
Capitol City Bank & Trust Company in Atlanta, GA, and North Carolina Mutual Life Insurance Company in Durham, NC, two African-American businesses well known throughout the USA, have come together to grow their businesses and provide greater financial opportunities for their customers. The ultimate goals for this milestone relationship however, rests with the opportunities created for similar minority financial institutions to do likewise and to spread this alliance beyond these respective cities and states, for the benefit of other minority financial institutions across this country.
 
North Carolina Mutual Life Insurance Company (NCM) is the oldest and one of the most successful African American insurance companies in the United States; and Capitol City Bank & Trust Company (CCB) is a new progressive African American financial institution that sells financial services. The coming together of these two businesses has the potential to produce a conglomerate of minority businesses that can provides a mix of insurance and financial services under one brand. This strategic alliance enables CCB and NCM the opportunity to pursue major contracts with municipalities and major corporations; and provides the ability to offer customers any and all types of financial products and services.
 
“Georgia is one of the states that lead the nation in banking failures. Capitol City Bank is surviving through creative initiatives such as this alliance we have with North Carolina Mutual. Capitol City did not get any of the $770 billion dollars made available to banks by the federal government’s TARP (Trouble Asset Relief Program); however, with the assistance of North Carolina Mutual, we have put together our own TARP,” said George Andrews, president and CEO of Capitol City Bank & Trust Company.
 
The partnership with CCB will allow North Carolina Mutual Life Insurance Company to increase its distribution in markets where they have historically done business. In addition to distribution, this partnership provides an opportunity for CCB to receive fee income and provide products to community partners, municipalities and corporations in its sphere of influence. These fees and products will come through alliances NC Mutual has with various carriers and independent marketing organizations. “We anticipate this model is scalable and plan to duplicate it in other minority banks and community financial institutions throughout the country. Our new venture with CCB will contribute to our efforts in providing financial literacy information to communities across the southeast. We are confident that other alliances will follow suit,” said James Speed, president and CEO, “North Carolina Mutual Life Insurance Company.
 
While these two African-American owned institutions have joined forces in a partnership (not a merger) to become a competitive force to capture major group insurance opportunities with corporate America and municipalities, it is important to note that other minority owned banks (African American) are located throughout the United States [New York, Pennsylvania, Tennessee, the District of Columbia, Illinois, California, Louisiana, New Jersey, Maryland, Massachusetts, Alabama, Missouri, Florida, Michigan, Virginia, Georgia, and North Carolina] .
 
These business arrangements have been in discussions since early 2012 and will become operative immediately providing Capitol City Bank with the opportunity to offer insurance programs to municipalities, corporations and individuals which are already among its customer base. “The partnership allows both companies to be more competitive.” says Andrews “We will offer an array of new and varied insurance products to our constituents here in Georgia that should increase profit for both companies. We will be able to get into doors that have been previously closed to us.”
 
George Andrews has built a solid professional career in Atlanta and the State of Georgia as a People’s Banker. “We made our mark in the communities that we serve through our practices to engage the communities through innovative ideas to provide service and our ability to involve grass-roots leadership, churches and various start-up businesses. We have created other partnerships that support our loan programs with Sun Trust Bank and Wells Fargo Bank,” said Andrews.
 
North Carolina Mutual Life Insurance Company has made a substantial financial investment in Capitol City Bank. According to James Speed, president and CEO, “North Carolina Mutual is pleased to enter this historic partnership with Capitol City Bank & Trust Company. We pride ourselves on finding the best solutions to meet the unique needs of our community; and this alliance allows both companies the opportunity to efficiently provide best in class insurance products and services to CCB’s customer base and beyond in a cost effective manner,” Speed added.
 
Capitol City Bank & Trust Company, chartered in the State of Georgia in 1994, has a full-service banking business and engages in a broad range of commercial banking activities, including accepting customary types of demand and time deposits, making individual, commercial and installment loans, money transfers, safe deposit box services, and making investments in U.S. government and municipal services. Capitol City serves its customers from eight locations: the main office is located at 562 Lee Street, SW, Atlanta, GA with four additional offices in Atlanta including Hartsfield International Airport. Other locations throughout the state include Albany, Augusta, and Savannah.
 
Founded in 1898 in Durham, North Carolina, North Carolina Mutual Life Insurance Company is the nation's oldest and largest insurance company with roots in the African American community. They offer a wide variety of life insurance products through group plans for both large and small organizations and through individual policies. It provides important financial services through companies and programs such as North Carolina Mutual Financial, a funeral funding company providing advance funding to funeral homes; North Carolina Mutual Insurance Agency, a full-service insurance agency providing products from a variety of carriers; and a managing general underwriter that can administer and underwrite traditional group and voluntary benefit products. Licensed in 23 states and the District of Columbia, they have over 280,000 policyholders with $2.9 billion of life insurance in force. The company is celebrating 115 years of personalized service and strategic partnerships that continue to make an impact in communities across the country.
 
Capital City Bank Group: A Chronological History
Today, Capital City Bank Group, Inc. provides a full range of financial services at 66 banking offices and 72 ATMs in Florida, Georgia, and Alabama. None of this would be possible without the vision and dedication of George W. Saxon, the dry goods store owner who founded Capital City Bank more than a century ago.

1880
George started his banking career when he began making loans to farmers in the 1880s, leading to the approval of a state charter on March 20, 1895. By the end of June, Capital City Bank reported total deposits of $41,000 with resources totaling $84,000.

1895
Tallahassee’s oldest bank opened its doors in 1895 with one location, five directors, and three associates. Since then, Capital City Bank has survived depressions, natural disasters, and world wars to become one of the largest financial institutions headquartered in Florida.

1917
Capital City Bank was built on a foundation of strong community ties. In 1917 the Bank approved a $10,000 loan to the City of Tallahassee, establishing itself as “the community’s bank.” By 1925, resources and liabilities climbed to more than $1 million during a year when 18 other state banks failed. Bank assets continued to grow throughout the next decade, despite the collapse of the national economy in 1929 and the Great Depression that followed.

1940
By 1940, Godfrey Smith (son of Director William H. Smith) became president of the newly formed Industrial Bank, only three short years after joining Capital City Bank. When Godfrey was called to join the war effort in 1941, the comptroller allowed the Bank to pay off investors, liquidate assets, and temporarily close until 1946 when hostilities ceased.

1963
Capital City Bank continued to keep up with the area’s unprecedented growth over the next few decades and changed its name to Capital City First National Bank in 1963. In 1967 the Bank was granted another charter, establishing Capital City Second National Bank.

1975
By the mid-seventies, Godfrey Smith and Director DuBose Ausley (great grandson of founder George Saxon) began developing the concept of Capital City Bank Group. The Group was formed in 1975, bringing together local banks controlled by common directors. By 1980, the Capital City family included 13 banks, 17 offices, and eight Bank N’ Shop outlets. Capital City Bank Group, Inc. was solidified in 1982 with the installation of Automatic Teller Machines at First National, Second National, and City National—organizing the six banks under one company.

1989
In 1989, Bill Smith assumed the role of president when his father, Godfrey Smith, retired after more than 50 years of service with Capital City. Bill chose Tom Barron, president of Second National and Industrial National Bank, to serve alongside him. Under their leadership, each of the banks owned by Capital City Bank Group officially assumed the Capital City Bank name in 1995, uniting a longstanding family of banks as one.

Moving Forward
In recent years, Capital City Bank has expanded outside of the Tallahassee area, serving a geographic circle inside Jacksonville, Atlanta, Birmingham, and Orlando. With acquisitions such as First National Bancorp, select Florida and Georgia offices of First Union, and First National Bank, Capital City has grown its client base in Taylor, Madison, Hernando, Pasco, Washington, Bradford, Clay, Putnam, and St. Johns Counties in Florida, as well as Burke, Troup, Chambers, Bibb, Grady, and Laurens counties in Georgia and Alabama.
Community service and a commitment to clients will continue to be hallmarks of Capital City Bank for many years to come. It has been a long journey, and Capital City Bank is proud of its heritage as your hometown bank.
 
Hours of Operation:
Monday-Friday 8 a.m. to 6 p.m. EST
Saturday 9 a.m. to 12 p.m. EST