EASLEY, S.C., May 18, 2007 (PRIME NEWSWIRE) -- CommunitySouth Financial Corporation (OTCBB:CBSO), the holding company for CommunitySouth Bank & Trust, today announced it has surpassed $300 million in total assets. As of the close of business on May 16, 2007, the Bank had grown assets to $314 million.
"In less than 30 months, CommunitySouth has eclipsed the $300 million mark," said C. Allan Ducker, III, Chief Executive Officer of CommunitySouth Bank & Trust. "We are very proud of this accomplishment and for our Bank to continue to be considered one of the fastest growing de novo banks in South Carolina. Our growth, coupled with the Bank's overall performance, confirms the market's acceptance of our unique, intense customer-focused business model. As we continue to add to our team and enter new markets, we believe we have built the foundation for continuing success."
The Bank's growth accomplishment is another in a long line of similar events. By December 31, 2005, the Bank's first year of operations, CommunitySouth grew assets to $136.8 million. One year later, on December 31, 2006, the Bank had grown 81% for the year to $248.3 million.
In just two and a half years, the Bank has grown from the two founders to over 70 employees, five branches and full-service mortgage, investment and insurance divisions.
CommunitySouth is one of the fastest growing and most profitable start-up banks in the country, compared to peers. In a comparison with other start-up banks in its peer group, CommunitySouth ranked third in profitability performance and third in asset size, according to fourth quarter 2006 data supplied by SNL Financial, the leading financial information provider for the financial services industry. CommunitySouth's peer group is defined as all U.S.-based banks that opened during the first quarter of 2005, the same quarter that CommunitySouth opened its doors.
While most banks take up to 36 months to reach profitability, CommunitySouth accomplished that feat in just seven months, and became cumulatively profitable in only two years, much faster than the four-year industry average. Of the 31 US-based banks that started operations during the first quarter of 2005, only 16 banks had reached profitability as of December 31, 2006.
CommunitySouth's stock is quoted on the Over the Counter Bulletin Board Quotation System under the symbol CBSO.
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 $300 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. The Company also operates a full-service mortgage division.
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.
For additional information, please call us at 864-306-2540, toll-free at 864-421-CSBT, or visit: www.communitysouthbankandtrust.com.
The CommunitySouth Bank & Trust logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2708
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.