Carolina First expands services

By Dick Hughes  

DECEMBER 9, 2010 12:39 p.m. (0)

With the strength of the new ownership of TD Bank, Carolina First will add services and products that will help it regain market share and profitability in South Carolina, the bank’s new regional president said.

“The key for us really is the attitudinal change in the past year because of TD,” said Robert G. Hoak, who was named TD’s regional president for South Carolina and the five offices in Wilmington, N.C.

“The fact that we can be much more proactive than in the past, when our employees feel better, which they do, that will translate to our customers and to the market, and then profit will take care of itself.”

Hoak, 55, was interviewed following the announcement Tuesday of his appointment.

Carolina First lost market share and became unprofitable as a result of the real estate and credit collapse.  The South Financial Group, parent of Carolina First and Mercantile Bank in Florida, lost money starting in January 2008 and never recovered.

Hoak is confident TD Bank gives the Carolina First resources to become financially stable again.

“Part of the market loss was the result of safety and soundness issues that Carolina First had in the last 18 months to two years” he said. “But now what we have is Carolina First as a wonderful name in South Carolina and Wilmington, and the strength of TD Bank, which is one of three Triple A rated banks on the New York Stock Exchange. You can take away those safety and soundness issues from the customer base and add the wonderful product array TD has and its reputation for service and convenience.  That gives all of us a little spring in our step.”

Hoak said he expects TD to add additional employees and hours to branches next year, but he said it was uncertain whether that will include having Sunday hours, as TD does in some markets.  “If the market doesn’t demand that, we probably won’t do it,” he said.

“What we say is that in every market we are in we will have the longest hours in that market,” said Rebecca Acevedo, public relations manager for TD in Cherry Hill, N.J.

TD plans to complete employee training, systems changes and rebranding this summer, Hoak said.

Hoak, who will be based in Greenville, joined TD Bank from Wells Fargo, where he was business banking manager for Pennsylvania and Delaware.

Previously, he was with Citizens and Southern National Bank in Charleston and for 27 years with Wachovia Bank, where he held various positions, including regional presidencies of various southern states.

Hoak reports jointly to Fred Graziano, TD’s head of retail banking, and to Lynn Harton, who was named head of commercial banking for the south region and who had been chief executive officer of TSFG.