EASLEY, S.C., Nov. 19, 2007 (PRIME NEWSWIRE) -- CommunitySouth Bank & Trust (OTCBB:CBSO) has been named the 11th fastest growing company in South Carolina, according to South Carolina's Fastest-Growing Companies 2007 competition.
The list of the 25 fastest growing companies in South Carolina was unveiled at the South Carolina Chamber of Commerce's Annual Summit on November 15, 2007. The sixth annual event was held at the Marina Inn at Grande Dunes in Myrtle Beach, South Carolina.
CommunitySouth, an Easley-based Upstate community bank, has been in existence for just under three years. In that time the Bank has grown from its two founders to over 80 employees, and assets of over $370 million. It currently operates six branch offices and full-service mortgage, investment and insurance divisions. While most banks take up to 36 months to reach profitability, CommunitySouth accomplished that in just seven months, and became cumulatively profitable in only two years, much faster than the four-year industry average.
"We are honored to be included on the list of fastest growing companies in South Carolina," said C. Allan Ducker, III, Chief Executive Officer of CommunitySouth Bank & Trust. "Our business model has always been based on our number one corporate goal of excellence in customer service. Being named the 11th fastest growing company in South Carolina confirms the market's acceptance of our business model."
"Our goal is to be the community bank of choice in the Upstate," said David Miller, President of CommunitySouth. "We offer many benefits other local banks don't -- nationwide free ATMs, extended hours, free business courier service, and free freshly baked cookies from our signature free refreshment center. But what really sets us apart is our people. Our staff of friendly, experienced bankers is among the most talented in the market."
The 2007 winners of the South Carolina's Fastest-Growing Companies competition, co-sponsored by Elliott Davis and the South Carolina Chamber of Commerce, recognizes 25 companies statewide for exceptional performance in both revenue and employment growth.
This year's 25 top performers cover a broad spectrum in terms of size, industry sector and geographic locations.
Represented industries include financial services, construction, manufacturing, professional services, and technology. Four financial institutions made the list this year, with two of those four headquartered in the Upstate. At number 11, CommunitySouth was ranked the fastest growing of all financial institutions on the list. CoastalStates Bank (Hilton Head Island) ranked 16th, Tidelands Bancshares, Inc. (Mt. Pleasant) ranked 18th, and First National Bancshares, Inc. (Spartanburg) came in 22nd.
"I am proud to be a part of a program that celebrates such an outstanding group of entrepreneurs and business owners," said S. Hunter Howard Jr., President and Chief Executive Officer of program co-sponsor South Carolina Chamber of Commerce. "It is so important to the growth of our state that we continue to have companies that persevere through all kinds of economic weather and who continue to rise to the top. The continued growth of these middle market companies is vital to the continued prosperity and success of South Carolina."
"I'm thrilled to see that this year's honorees come from all sectors of the business spectrum and that they have enjoyed such unparalleled prosperity," said Todd Mitchell, Chairman at Elliott Davis. "It says great things about our economy and our state that we are continuing to grow and succeed at such a remarkable rate."
Submissions to South Carolina's Fastest-Growing Companies were compiled, evaluated, and ranked by a review panel from Elliott Davis. The program focuses on the achievements of emerging privately and publicly-owned businesses and their contributions to the state's economy. The 2007 rankings were determined using a weighted equation tied to percentage of increase in gross revenues (or assets), and full-time employment.
To learn more about the South Carolina's Fastest-Growing Companies initiative, visit www.ElliottDavis.com or contact Buster Kennedy at (864) 242-3370 or via email at fastest@ElliottDavis.com.
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. In operation for almost three years, CommunitySouth is one of the fastest growing and most profitable de novo banks compared to peer banks that also opened in 2005.
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 Bank & Trust, call 864-306-2540, toll-free 866-421-CSBT, or visit www.communitysouthbankandtrust.com.
The CommunitySouth Bank & Trust logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=2708
About the South Carolina Chamber of Commerce:
The South Carolina Chamber of Commerce, the nation's first state chamber Accredited with Distinction by the U.S. Chamber, is the state's largest statewide broad-based business and industry trade association representing more than 6,500 member companies and more than 600,000 member employees, with 90 percent of membership comprised of small businesses. As the unified voice for business and industry, the Chamber is a catalyst for increasing per capita income and enhancing the state's global competitiveness in order to improve the quality of life for all South Carolinians.
For more information about the South Carolina Chamber of Commerce, visit scchamber.net.
About Elliot Davis:
Elliott Davis is one of the largest accounting and business advisory firms in the Southeast, and among the top five companies awarded as "2007 Best Places to Work in South Carolina." Elliott Davis' affiliates include Elliott Davis Capital Partners, LLC, a regional investment banking firm; Elliott Davis Technology Solutions, LLC, a leading full-service network integration and security provider; Elliott Davis Wealth Management Services LLC, which helps individuals achieve personal financial goals by providing planning, investment, insurance and brokerage services; and Retirement Plan Advantage, LLC, providing a broad range of qualified retirement plan services.
For more information about Elliott Davis and its services, visit elliottdavis.com.
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.