TNB is the largest community bank in Raleigh, and it
is in the first or second position in each of the 15 communities
in which it operates. It has grown market share in each community
over each of the past five years, fueled by Legendary
Service. TNB’s continued investment in branch banking, even while increasing its online services, has positioned it to be viewed as the local, “hometown” bank in many North Carolina communities, a place of refuge from the impersonal megabank
and the one-branch, at-risk, small bank. Two midsize banks that were competitors have been closed since the financial
crisis, with TNB gaining most of their local customers. A number of smaller banks also have closed or been acquired since 2009, with many customers seeking the safety of TNB. However, banking is still a commodity business with strong competitors (Figure P.2-1), including many nonbank competitors that operate in North Carolina.