May 23, 2005, Easley, SC– CommunitySouth Bank & Trust announced today that the bank amassed more than $41 million in total assets during its first quarter of operation, which ended March 31, 2005. Additionally, the bank reported $13.6 million in deposits and $37.8 million in loans for the same period.
For the period of January 18 through March 31 in which CommunitySouth operated during the quarter, the bank recorded a net loss from operations of $554,000 or 18 cents per share. The majority of this operating loss resulted from provision for loan losses totaling $510,000, which was associated with the bank’s significant loan growth.
“As a result of the strong response we have had from the Upstate Community and the exceptional customer service provided by our staff, CommunitySouth has become one of the fastest growing de novo start-up banks in the state,” said C. Allan Ducker, III, Chief Executive Officer of CommunitySouth Bank & Trust. “We are extremely pleased with the results stemming from our first quarter of operations and the future outlook for our company. We are aggressively working on expanding the bank’s branch network over the coming months so that we may bring our customer focused style of banking to other markets in the Upstate of South Carolina.”
Fueled by the largest initial public offering (IPO) ever for a bank in South Carolina – $30 million – CommunitySouth operates a headquarters office in Easley and loan production offices in Spartanburg and Greenwood. The company offers a complete line of banking products and services, including commercial loans, consumer loans, mortgage loans, checking accounts, savings accounts, and certificates of deposit. For additional information about CommunitySouth Bank and Trust, call (864) 306-2540.
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