Easley, SC -- July 5, 2007 -- CommunitySouth Bank & Trust (OTCBB: CBSO) Chief Executive Officer C. Allan Ducker, III today announced the local community bank is planning to open its first office in Greenville.
The new branch, located at 2415 Laurens Road at the corner of Woodruff Road, is set to debut this fall. When open, the Greenville office will be CommunitySouth’s sixth location in the Upstate and first to open in 2007. The Bank opened two branches in 2006 in Anderson at 1510 North Main Street on July 31st and in Greer at 530 West Wade Hampton Boulevard on November 20th. The Bank also opened an Operations Center in Easley last month.
“We are very excited about our entry into the Greenville market, the Upstate’s largest community,” said Ducker. “Our goal is to be the community bank of choice in the Upstate, and a strong presence in Greenville is essential to achieving this key initiative.”
Laurens Road, known as the Motor Mile for years, was chosen for a variety of reasons.
“We’ve been surveying potential locations in the Greenville market for months,” said David A. Miller, President of CommunitySouth. “After a comprehensive analysis of the city’s main thoroughfares, we’ve decided that Laurens Road is the best location for us. Its central location, convenience for both personal and business customers, and its tremendous growth potential were all main reasons for the decision.”
“With the introduction of the International Center for Automotive Research (ICAR) and the new residential and commercial development plans for Verdae Boulevard, we have great hopes and expectations for future growth on Laurens Road,” said Ducker.
While the Bank has yet to open its Greenville office, CommunitySouth has had a presence in nearby Mauldin since November 2005 and already serves a large number of personal and business customers in Greenville.
“We already have a number of customers in Greenville that have been serviced through our Mauldin and Greer offices and our free business courier service,” said Miller. “We look forward to providing these customers and the rest of the community with a state-of-the-art local office focused on their needs.”
The 4,700 square foot office will feature state-of-the-art flat screen televisions, a 24-hour ATM, drive-thru, night depository, safe deposit boxes, free business courier service, and the Bank’s signature refreshment center with free freshly baked cookies, hot coffee, cold soft drinks and spring water. The building will also include offices for commercial lending and the mortgage division.
CommunitySouth Bank & Trust has enjoyed unprecedented success since beginning operations 30 months ago, growing in assets from $30 million to over $320 million. In that time, the Bank has grown from the two founders to over 70 employees, five branches, and investment, insurance and full-service mortgage divisions.
About CommunitySouth Bank & Trust:
CommunitySouth Bank & Trust (OTCBB: CBSO) commenced operations in the Upstate of South Carolina on January 18, 2005. After completing the largest initial public offering ever for a South Carolina-based bank at the time, the Company capitalized with $30 million and has since grown assets to over $320 million.CommunitySouth is one of the fastest growing and most profitable de novo banks in the country, compared to peer banks that also opened during the first quarter of 2005.
CommunitySouth is headquartered in Easley, South Carolina and currently operates full-service banking offices in Easley, Mauldin, Spartanburg, Anderson and Greer, and plans to open additional offices in Greenville and Spartanburg in 2007/2008.The Company also operates investment, insurance and full-service 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, free online banking and bill pay, nationwide free ATMs, free business courier service, remote deposit service, courtesy overdraft coverage, and more.
CommunitySouth’s stock is quoted on the Over the Counter Bulletin Board Quotation System under the symbol CBSO.
For additional information, please call us at 864-306-2540, toll-free at 864-421-CSBT, or visit: www.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.
