Spartanburg, SC -- March 27, 2008 -- One of South Carolina’s fastest growing companies is expanding again! CommunitySouth Bank & Trust (OTCBB: CBSO) is opening its seventh office later this year. The new office, the Bank’s second in Spartanburg, will be on Reidville Road next to McDonalds and across from the Spinx Gas Station currently in development.
CommunitySouth has held an aggressive branching strategy since it began operations, opening six branches in just three years. The Bank’s most recent branch opening was in Greenville on October 15, 2007 at 2415 Laurens Road at the corner of Woodruff Road.
The upcoming branch is located on the west side of Spartanburg and will complement the Bank’s east side location. The Bank’s east side location, at 531 East Main Street across from Converse College, opened on January 30, 2006.
“We have enjoyed tremendous success at our east side Spartanburg branch and even before that with our Spartanburg loan production office,” said David Miller, President of CommunitySouth. “Our goal is to be the community bank of choice in the Upstate, and a strong presence in Spartanburg is essential to achieving that goal.”
Reidville Road was chosen as the Bank’s second Spartanburg location for a variety of reasons.
“We’ve been surveying potential locations in Spartanburg for over 12 months,” said C. Allan Ducker, III, Chief Executive Officer of CommunitySouth Bank & Trust. “We’ve always known we were going to add additional offices in Spartanburg but the key was finding the right location that was convenient for both consumers and businesses. We believe that Reidville Road is a great location for us.”
Another reason CommunitySouth is excited about its new Spartanburg office? The building will be the Bank’s first prototype office. CommunitySouth is working with Greenville-based architectural firm Freeman & Major Architects to design its prototype building. The local builder is Moon McManus from Greer.
“Our buildings are not just structures; they are an incredibly important part of our brand,” said Barbra Anderson, Senior Vice President and Marketing Director for CommunitySouth. “Our prototype will reinforce who we are and how we do business. It will be a visual representation of our brand and will create a unique, welcoming environment for our customers.”
The square footage of the new prototype building has not been decided. However, the Bank does agree that when complete the building will feature interior branding elements it’s been working on for the past several months. The elements include the Bank’s branded free refreshment center with wrapped soda machines, cookie ovens and freshly baked cookie displays, inviting welcome mats, and in-branch commercials on flat screen televisions.
CommunitySouth has enjoyed unprecedented success since beginning operations three years ago and was recently named the 11th fastest growing company in South Carolina, according to South Carolina’s Fastest Growing Companies 2007 competition. In three years CommunitySouth has grown assets from $30 million to over $370 million, growing in employees from its initial two founders to over 85 employees, six branches, and full-service investment and mortgage departments.
About CommunitySouth Bank & Trust:
CommunitySouth Bank & Trust (OTCBB: CBSO) commenced operations in the Upstate of South Carolina on January 18, 2005. After completing what was at the time the largest initial public offering ever to fund a South Carolina-based bank, the Company capitalized with $30 million and has since grown assets to over $370 million. CommunitySouth was recently named the 11th fastest growing company in South Carolina, according to South Carolina‘s Fastest-Growing Companies 2007 competition.
CommunitySouth is headquartered in Easley, South Carolina and currently operates full-service offices in Greenville, Spartanburg, Anderson, Greer, Mauldin and Easley. The Company also operates full-service investment, insurance and mortgage divisions.
CommunitySouth offers a complete line of banking products and services, including commercial, consumer and mortgage loans, personal and business checking and savings accounts, online banking and bill pay, nationwide free ATMs, free business courier service, its signature free refreshment center, and more.
For more information about CommunitySouth, call toll-free 866-421-CSBT, or visit communitysouthbankandtrust.com.
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Certain statements in this news release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future profitability, growth, plans and expectations, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties, and other factors, such as a downturn in the economy, greater than expected non-interest expenses or excessive loan losses, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. For a more detailed description of factors that could cause such differences, please see our filings with the SEC.
Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by our company or any person that the future events, plans, or expectations contemplated by our company will be achieved. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
