Growth, in the time of recession

Pinnacle Bank adopts a different model for expansion

SEPTEMBER 5, 2010 6:32 p.m. (0)

When the economy was cooking and banks were growing, freshly minted Pinnacle Bank stayed in the slow lane.

Good move.  When the crash came, Pinnacle pulled away from the pile-up unharmed.

“We were not smart enough back in 2005, 2006 to know you were to grow it really fast,” says David Barnett, president and chief executive officer, who led the effort to establish a new community bank in Greenville’s competitive market.  Continue reading...

 

And now, Wells Fargo

For former Wachovia, deposits are up and business is on the mend

SEPTEMBER 21, 2010 8:48 a.m. (0)

Two years ago, South Carolina employees of Wachovia watched helplessly from afar as marathon wheeling and dealing by regulators and rival bankers fought for control of South Carolina’s largest bank employer.

The future of South Carolina’s 3,500 Wachovia employees and its dominant hold of $11.7 billion in deposits played out in late September 2008 far beyond their influence to reverse pending insolvency not of their making.

“A very painful time,” said Richard Redden, South Carolina president, and Brian Rogers, market president for Greenville and the Upstate, of what had been Wachovia and now is Wells Fargo, if not yet in name.  Continue reading...

 

Sold

TSFG now owned by Canada’s Toronto Dominion Bank

OCTOBER 6, 2010 11:14 a.m. (0)

With shareholder approval of the sale to TD Bank, Greenville’s homegrown but troubled Carolina First Bank sees new life as regional headquarters for TD in a merger that even revives possible use of Carolina First’s mostly unused $90-million campus off Interstate 85.

At a sparsely attended and brief shareholder meeting at Poinsett Plaza headquarters, The South Financial Group, the parent company, announced shareholder approval of the sale with 66 percent of the vote, all by proxy in advance.  Continue reading...

 

Upstate counties, by the balance sheet

Greenville County's banking environment "most competitive" in state

OCTOBER 14, 2010 11:29 a.m. (0)

Greenville County holds onto its position as South Carolina’s richest and most competitive banking environment by deposits and banking offices, according to the FDIC’s 2010 summary of market share.

Spartanburg County was fourth in deposits with $4.81 billion, a gain of $600 million, which increased the county’s share of the state deposit market from 6 percent to 6.9 percent. It has 80 banking offices.

Greenville led in deposits with $10.46 billion, down slightly from $10.54 billion reported in the FDIC’s 2009 report. The county’s share of the market declined from 15.10 percent to 14.88 percent.  The number of banking offices remained at 170.  Continue reading...

 

Carolina First expands services

Additional employees and hours expected to be added next year

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.”  Continue reading...

 

Greer State shuffles leadership

Newly elected CEO subject to FDIC approval

APRIL 11, 2011 1:59 p.m. (1)

Kenneth M. Harper has resigned as chief executive officer, president and board member of Greer State Bank, which has recorded losses for three consecutive years.

The board of directors elected Dennis Hennett, 68, to return as president and CEO to succeed Harper, 46.  Hennett was CEO of Greer State from its beginning in 1988 until February 2008 when he stepped aside and was succeeded by Harper.

After he resigned as CEO, Hennett continued as a member of the board and served as a consultant at $6,250 a quarter.  Continue reading...

 

It's all good news

Upstate native plays role in new bank that will be headquartered in his hometown

JUNE 2, 2011 10:21 a.m. (0)

When Walter Davis needed a role model on how to be successful in business, he had to look no farther than his grandfather.

In the days of segregation, Leroy Davis had one of the black-owned grocery stores in Greenville.

He owned a service station and a cemetery, too.  Continue reading...

 

Local, for the long term

CertusBank continues its steady growth in the Upstate

JUNE 23, 2011 10:01 a.m. (0)

CertusBank has gone from acquisition of a failed bank in Easley to the nation’s largest black-controlled bank, but any distinction as a “minority” bank is dismissed by its principals. The preferable adjective is “community.”

Charles Williams, vice chairman, put it simply:  “We are a bank. We are involved in our communities.  Like everyone else, we happen to look the way we look.   We’ve all had stellar careers. We consider ourselves great bankers.  That’s how we view this.” Click here to read about the officers and directors of Blue Ridge and Certus.

With financial help from the FDIC, CertusBank on Jan. 21 took over CommunitySouth Bank and Trust in Easley, planting headquarters there until it can move to downtown Greenville as an anchor tenant in the first phase of a $100-million office and retail complex.  Continue reading...

 

Minus Three Equals Plus Three

Palmetto Bancshares institutes stock split

JUNE 30, 2011 11:55 a.m. (0)

Palmetto Bancshares is instituting a one for four reverse stock split to quadruple its per share price as “one of the final steps to listing our common stock on the NASDAQ stock exchange,” Samuel L. Erwin, chief executive officer, announced.

The stock split, which was effective one minute before midnight Tuesday, reduces the number of Palmetto’s outstanding shares from 50.9 million to 12.7 million.  It was expected to produce a corresponding increase in the bid price of common stock from $2.60 to $10.40.

To qualify for NASDAQ, Palmetto has to maintain a bid price of at least $4 per share.  Continue reading...

 

Signs of change

Wells Fargo takes over final piece of Wachovia…the name out front

SEPTEMBER 22, 2011 11:30 a.m. (0)

Wells Fargo bankers believe they can build on the dominant state position inherited from Wachovia with greater resources and a culture allowing for more local authority.

With little fanfare, the conversion of Wachovia to Wells Fargo in South Carolina was completed Monday, nearly three years after the San Francisco bank agreed to acquire failing Wachovia in the worst days of the recession.

The acquisition propelled Wells Fargo to the nation’s fourth largest, a position Wachovia had held, with $1.3 trillion in assets.  Continue reading...

 

The state of the community bank

How small is too small? And how big is too big?

DECEMBER 22, 2011 1:51 p.m. (0)

Co  Continue reading...

 

The bank saver

Hennett comes out of retirement to revive Greer State Bank

DECEMBER 19, 2011 2:02 p.m. (0)

Dennis Hennett lived through what he calls a 20-year golden era of community banking as Greer State Bank’s first chief executive officer, presiding over strong growth and steady profits.

He’s come out of retirement and is living through one of the worst of times as he nurses Greer State back to health.

Hennett opened Greer State in 1987 with local investors who wanted a local bank to fill a vacuum left by the sale of the Bank of Greer to United Carolina Bank, now BB&T, in 1986.  Continue reading...

 

Palmetto Bank makes growth plans

Some cuts necessary to gain strength in market

JANUARY 5, 2012 1:59 p.m. (0)

With the economy and banking income slow to recover, Palmetto Bank is getting smaller to dig out of its post-recession hole and put itself in a position to get bigger when times get better.

The Greenville-based bank is unloading fringe branches, consolidating others, cutting staffing and outsourcing some back office functions. Its employment level will be reduced to where it was 12 years ago.

The bank said the economies annually will add about $6.1 million to its bottom line, although that will be offset by a one-time charge of $1.1 million in the last quarter of 2011 and the first of this year.  Continue reading...

 

Community Bank Rising

Peoples, SCBT Financial prepare for growth in the Upstate

JANUARY 27, 2012 9:50 a.m. (0)

Peoples National Bank of Easley came out of the recession better than many small community banks, but its tightly knit group of shareholders experienced little benefit from the stability.

It struck early to purge toxic loans from the real estate collapse, took its first loss in its 25-year history in 2008, built back capital to elevated levels required by regulators, nurtured its core base of customers and returned to consistent profitability.

Still, shareholder value remained stuck at around $1 to $1.50 a share, far below the $8 to $11 per-share range in the two years ahead of the recession and its historical levels.  Continue reading...

 

New players enter Upstate banking market

Smaller banks still feel aftershocks of credit collapse

APRIL 19, 2012 11:13 a.m. (0)

The banking landscape has changed with 10 new players entering the Upstate market in two years. More changes are likely still to come.

The new names dotting the streetscapes include: TD Bank, CertusBank, Wells Fargo, Capital Bank, Bank of North Carolina, Park Sterling, PNC and Fifth Third.  Continue reading...