Surrey Bank & Trust Announces the Formation of Friendly Finance
2 August 2000
Surrey Bank & Trust Announces the Formation of Friendly FinanceMOUNT AIRY, N.C. - Surrey Bank & Trust announced the formation of Friendly Finance, LLC, a subsidiary operation specializing in the purchase of sales finance contracts from local automobile dealers. The operation is a strategic alliance between Surrey Bank & Trust and Friendly Auto Finance, Inc. Surrey Bank & Trust will own a majority interest in the new company. Ted Ashby, President of Surrey Bank & Trust, stated the alliance was a result of an existing banking relationship with Robert W. Holder, owner of Friendly Auto Finance, Inc. and Friendly Car Company, Inc. Friendly Auto Finance, Inc. provides financing for automobiles sold by Friendly Car Company, Inc. Holder has enjoyed success in the automobile business for twenty years. The newly-formed operation will continue to purchase loan contracts from Friendly Car Company, Inc. and will seek to expand financing activities with other local auto dealers. Ashby stated that the operation will allow Surrey Bank to broaden its customer base for banking services and provide a referral base for Lowry Insurance Agency, Inc., a wholly owned subsidiary of the Bank, specializing in casualty insurance. Surrey Bank & Trust, chartered in 1996, is a locally owned financial institution with its headquarters at 145 North Renfro Street, a full service branch location at 1280 West Pine Street and a Mortgage Loan Center at 145 North Renfro Street.