News Releases
For Immediate Release
May 23, 2022
Contact: John Heeden
Southern Bank
(919) 658-7025
(Mount Olive – May 23, 2022) — Southern BancShares (N.C.), Inc., parent holding company of Southern Bank and Trust Company headquartered in Mount Olive, North Carolina has announced the promotion of Senior Vice President and Chief Accounting Officer David L. (Dave) Sauls, Jr. to Executive Vice President and Chief Financial Officer (CFO) for the corporation. Sauls succeeds former CFO Dan Ellis, who retired at the end of April this year. The announcement was made by Southern Bank Chairman and CEO Drew Covert.
“We are quite pleased that Dave will assume this role for our organization,” said Covert. “He brings a tremendous amount of experience and expertise into this role and we are extremely confident in his abilities to successfully lead our Corporate Finance team and feel fortunate to have him as a key member of our Leadership Team. Having worked closely with Mr. Ellis over the past decade, this truly will be a seamless transition.”
A native of Goldsboro, North Carolina, Sauls attended East Carolina University where he earned a Bachelor of Science in Accounting as well as a Master of Science in Accounting. After completing his degree, he began his career with Dixon Hughes Goodman, LLP and received the designation of Certified Public Accountant. During his tenure at Dixon Hughes Goodman, LLP, he focused primarily on financial institutions, managing the financial statement audits of a number of community banks in North Carolina. In 2012, Sauls joined Southern Bank and Trust Company and served as its Senior Vice President and Chief Accounting Officer since 2015. On May 1, 2022, Sauls transitioned into the CFO role, as well as Corporate Secretary of Southern Bank and Trust Company and its parent company, Southern BancShares (N.C.), Inc.
Sauls resides in Pikeville, North Carolina with his wife and three children. He currently chairs the Board of Trustees for the North Carolina Bankers Association’s Health Benefit Trust and is a member of the Board of Directors for the Mount Olive Community Development Corporation. He was an inaugural and former member of the North Carolina Young Bankers Association, and former Treasurer and Finance Committee member of his church. He is a member of the North Carolina Association of Certified Public Accountants and the American Institute of Certified Public Accountants. In 2018, he was selected as one of Business North Carolina Magazine’s inaugural Trailblazers, an award given to young professionals thriving in North Carolina communities with fewer than 100,000 residents.
Founded in 1901, Southern Bank is a wholly owned subsidiary of Southern BancShares (N.C.), Inc. With its Corporate Headquarters located in Mount Olive, the Bank has total assets of over $4 billion and over 60 locations serving North Carolina and Virginia. More information about the Bank is available on the Internet at www.southernbank.com.
For Immediate Release
May 9, 2022
Contact: John Heeden
Southern Bank
(919) 658-7025
Chesapeake, VA – Citing continued growth in the Hampton Roads region, Southern Bank held a “Construction Commencement Ceremony” at 10:00am on May 3, 2022 to kick-off the construction of a new banking facility. The facility is being constructed by Balicore Construction. The announcement was made via press release by Trent Dudley, Senior Vice President and Hampton Roads Regional Executive for Southern.
The new full-service facility will be located on Volvo Parkway across from The Dollar Tree HQ and replace the pre-existing location on Greenbrier Parkway. The new building will also house the Chesapeake Headquarters for commercial banking, treasury services, mortgage services and investment services.
“We are excited to make this significant investment in the heart of Chesapeake to meet the needs of our customers and continue our growth in Hampton Roads,” Dudley said in the release.
Founded in 1901, Southern Bank and Trust Company is a wholly owned subsidiary of Southern BancShares (N.C.), Inc. With its Corporate Headquarters located in Mount Olive, North Carolina, the bank has total assets of approximately $5 billion and over 60 locations serving North Carolina and Virginia. More information about Southern Bank is available at the bank’s website, www.southernbank.com.
(Pictured L-R: Trent Dudley, Southern Bank Hampton Roads Regional Executive; S. Whit Hill, The Miller Group Vice President of Development; Mike Kos, Southern Bank Market Executive; Debbie Mast, Southern Bank Regional Treasury Services Officer; Rick West, City of Chesapeake Mayor; Drew Covert, Southern Bank Chairman and CEO; Taylor Harrell, Southern Bank President; Karen Whitesell, Southern Bank Chesapeake City Executive; Tony Roselle, Southern Bank Greenbrier Branch Manager; David Hackbirth, Balicore Construction COO.)
For Immediate Release
January 24, 2022
Contact: David L. Sauls, Jr.
Southern BancShares (N.C.), Inc.
919.658.7013
MOUNT OLIVE, N.C.—On January 18, 2022, the Board of Directors of Southern BancShares (N.C.), Inc. (the “Company” or “Southern”) (OTC Pink: SBNC), the holding company for Southern Bank and Trust Company, approved a stock repurchase program.
Under the terms of the repurchase program, the Board of Directors approved the repurchase of up to 4,000 shares of the Company’s outstanding shares of common stock. As part of its approval of the repurchase program, the Board of Directors stipulated that the aggregate dollar amount paid during any consecutive twelve-month period to repurchase shares of the Company’s common stock, through open market and privately negotiated transactions, and shares of the Company’s preferred stock, through privately negotiated transactions, shall not equal or exceed 3% of the Company’s consolidated net worth. The term of this repurchase program became effective immediately upon approval by the Board of Directors and shall terminate on March 31, 2023.
The terms of this repurchase program are consistent with repurchase programs the Company has had in place for several decades and serves as a means to provide shareholders with a source of liquidity, while allowing the Company to retire excess capital. As has been the case in prior years, the repurchase of shares will be available to all shareholders on an equitable basis. Actual repurchases will be subject to the availability of shares, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s overall financial performance.
About Southern BancShares (N.C.), Inc.
The Company, headquartered in Mount Olive, North Carolina and with consolidated assets of $4.6 billion, is the holding company for Southern Bank and Trust Company, which was founded in 1901 and maintains 59 branches located in eastern North Carolina and southeastern Virginia.
For Immediate Release
September 17, 2021
Contact: David L. Sauls, Jr.
Southern BancShares (N.C.), Inc.
919.658.7013
MOUNT OLIVE, N.C.– Southern BancShares (N.C.), Inc. (the “Company” or “Southern”) (OTC Pink: SBNC), the holding company for Southern Bank and Trust Company, announced today that it has filed applications with the Federal Reserve Board of Richmond and the Virginia Bureau of Financial Institutions to increase its ownership interest in the common shares of Old Point Financial Corporation (“Old Point”) (NASDAQCM: OPOF). The Company and its affiliates currently own approximately 4.9% of the outstanding common shares of Old Point. The Company is seeking regulatory approval to acquire up to 19.9% of Old Point’s common shares.
For several decades Southern has invested in the common stock of other financial institutions and believes its investment in Old Point is a sound allocation of its assets. Old Point, founded in 1923, serves the Hampton Roads and Richmond regions of eastern Virginia. The Company views Old Point’s long standing franchise in these growth markets and solid management team as a foundation for an attractive long-term return to its common shareholders.
Southern’s investment in Old Point is passive and it has no plans to influence or impede the management, operations, or policies of Old Point. Southern has no current plans to seek representation on Old Point’s Board of Directors and has not entered into voting or other agreements with any other party as it relates to the common shares of Old Point.
About Southern BancShares (N.C.), Inc.
The Company, headquartered in Mount Olive, North Carolina and with consolidated assets of $4.3 billion, is the holding company for Southern Bank and Trust Company, which was founded in 1901 and maintains 59 branches located in eastern North Carolina and southeastern Virginia.
For Immediate Release
June 23, 2021
Contact: Dan R. Ellis, Jr
Southern BancShares (N.C.), Inc.
919.658.7082
MOUNT OLIVE, N.C.–(PR NEWS WIRE)—Southern BancShares (N.C.), Inc. (the “Company”) (OTC Pink: SBNC), the holding company for Southern Bank and Trust Company (the “Bank”), announced today that it has completed the private placement of $80 million of 3.125% Fixed-to-Floating Rate Subordinated Notes due 2031 (the “Notes”) to qualified institutional buyers and accredited investors. Until June 30, 2026, the Notes will bear interest at a fixed annual rate of 3.125%, payable semi-annually in arrears. Thereafter, the Notes will bear interest at a floating rate equal to the three-month term SOFR plus 241 basis points, payable quarterly in arrears.
The Notes are structured to qualify as Tier 2 capital for regulatory purposes. The Company intends to use the net proceeds of the offering for general corporate purposes. The Company may redeem the Notes in whole or in part, beginning on June 30, 2026, at a redemption price equal to 100% of the principal amount of the Notes redeemed, plus accrued and unpaid interest. Note holders have no redemption rights.
Raymond James & Associates, Inc. served as the exclusive placement agent for the Notes offering. Ward and Smith, P.A. served as legal counsel to the Company and Wyrick Robbins Yates & Ponton LLP served as legal counsel to the placement agent.
This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities. The notes offered and sold in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration under the Securities Act and applicable state securities laws. The indebtedness evidenced by the notes are not deposits and are not insured by the Federal Deposit Insurance Corporation or any other government agency or fund.
About Southern BancShares (N.C.), Inc.
The Company is headquartered in Mount Olive, North Carolina and is the holding company for the Bank, which was founded in 1901 and maintains 59 branches located in eastern North Carolina and southeastern Virginia.
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