This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

A Statement From The President And Chief Executive Officer Of New Century Bancorp And New Century Bank

DUNN, N.C., Sept. 22 /PRNewswire/ -- In order to clarify erroneous comments and misinformation in some recent reports in the media, New Century Bancorp (Nasdaq: NCBC) and New Century Bank President and Chief Executive Officer William L. Hedgepeth II has issued the following statement:  

Over the past few weeks it has become evident that New Century Bank, a wholly-owned subsidiary of New Century Bancorp, was the victim of apparent fraud by a former director.  This alleged fraud impacted a number of banks and many individuals in our communities.  In particular, citizens in Cumberland and Harnett Counties, local banks, and banks located in South Carolina and Tennessee were adversely affected.

The alleged fraudulent actions were neither a one-time occurrence, nor were they just recent activities.  Based upon the best available information, it appears the activities occurred over a period of several years.  It is alleged that New Century Bank, other banks, and individual investors were presented falsified financial information in the form of standard, customary financial documents.  These documents were used by the banks to make credit decisions and by individuals to make credit and investment decisions.  

This alleged fraud is not representative of a systemic problem at New Century Bank, but presents itself as a unique case.  New Century Bank is making, and in the coming months will continue to make, every effort to recover our losses by pursuing all legal remedies.  

This situation is difficult and disheartening for many people.  Please understand there are things that cannot be said for reasons of confidentiality and privacy, which is the same level of confidentiality and privacy we extend to all of our customers.

New Century remains well-capitalized and deposits held by the bank are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 per depositor.  

In closing, New Century Bank has served this area for more than a decade.  Today, as always, we appreciate the opportunity to serve our customers and shareholders, and we appreciate their support.  Thank you.    

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
NCBC $6.85 -2.42%
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs