Fayetteville’s tallest building has a new name and a new bank — 6 things you need to know

Paul Woolverton, The Fayetteville Observer
·2 min read

1. What’s the new name? The Systel Building at 225 Green St. in downtown Fayetteville on Monday evening was re-christened as the Dogwood State Bank Building. The new sign at the top of the building was unveiled around 5:30 p.m. following a ribbon-cutting ceremony for the bank’s new Fayetteville branch.

2. Why did the building change its name? Dogwood State Bank, based in Raleigh, opened a Fayetteville branch on the first floor in December. CEO Steven W. Jones said Monday evening it was a prime opportunity to create brand recognition in what he sees as one of the greatest markets in the state.

The statue of Marquis de Lafayette faces westward toward the Systel Building, downtown Fayetteville's tallest building, on June 29, 2003.
The statue of Marquis de Lafayette faces westward toward the Systel Building, downtown Fayetteville's tallest building, on June 29, 2003.

3. What is Dogwood State Bank? It is a North Carolina-based community bank headquartered in Raleigh, now with seven locations in North Carolina and one coming to South Carolina. “So our strategy is to be the bank for businesses, business owners and professionals,” Jones said. While the shift to online banking continues, “People still like to come and see somebody from time to time,” he said.

4. More about the building: The 11-story, 158-foot office tower opened in August 1973 as the Wachovia Building, named for then-tenant Wachovia bank. The construction cost was reported to be $3 million. Wachovia closed the branch in 1997, The Fayetteville Observer reported that year. Fayetteville businessman Keith Allison, founder of Systel Business Equipment, bought it in 1998 for $3.2 million and changed the name to the Systel Building. Cumberland County tax records say the building has 117,350 square feet and is valued at $8.8 million. Tenants over the years have included legal services, government offices, radio and television station offices, and restaurants. The top floor in the 1970s used to be a disco club called the Skyline.

The Wachovia building on Green Street in Fayetteville on Aug. 31, 1976.
The Wachovia building on Green Street in Fayetteville on Aug. 31, 1976.

5. What else is happening with the building? The Dogwood State Bank building has 37 tenants, and it has been undergoing renovations and improvements for more, said managing partners Janene Aul and Jacqueline Smith of Allison Capital Partners. Aul and Smith are Keith Allison’s daughters.

6. Are you sure it is 158 feet tall? Previous reports over the years have listed other heights. When the building opened in August 1973, The Fayetteville Observer and The Fayetteville Times reported it was 142 feet tall. In 2018, The Fayetteville Observer said it is 168 feet tall. Building Manager Stan Futrell said both were mistaken. “I ran a tape-measure one time, that’s how I know,” he said.

Senior North Carolina reporter Paul Woolverton can be reached at 910-261-4710 and pwoolverton@fayobserver.com.

This article originally appeared on The Fayetteville Observer: Fayetteville's Systel Building is now named the Dogwood Bank Building