In banking, growth can come with a tradeoff. As footprints expand and services modernize, maintaining relationships can become increasingly challenging. Decisions move further from the communities they affect. Familiar faces are replaced with call centers. And “personal” starts to feel more like a slogan than a reality.
Southern Bank has taken a different approach — one that has been shaped by patience, discipline, and a belief that long-term success depends on staying deeply connected to the people and communities we serve.
For 125 years, that philosophy has guided the bank from its agricultural roots in Mount Olive to a growing presence across eastern North Carolina and Virginia, now spanning 56 branches in markets like Raleigh, Wilmington, and Hampton Roads. The markets may be larger, but the mindset remains the same: Grow intentionally, stay accountable, and never lose sight of the relationship.
Growth, by Design
Southern’s expansion reflects a series of tactful decisions made with future generations in mind — a disciplined approach that has shaped the bank’s growth for more than 125 years.
Drew Covert, Southern Bank’s chief executive officer and chairman of the board, describes that approach: “Over the last 125 years, Southern has grown strategically and methodically, but never put itself in a place where we could be shown as reckless or being unpredictable to our customer.”
That discipline, Covert explains, is not about avoiding growth; rather, it’s about pacing responsibly. Southern has historically been willing to move more slowly when introducing new offerings or entering new markets, ensuring it can support customers without exposing them to unnecessary risk.
“We’re willing to be a little bit slower, in some cases, to bring out different product lines. We’re a little bit more careful when we help a customer assess their credit needs or their product needs overall,” he says. That caution reflects a broader goal: Protecting customers not just today, but years down the line.
“We’re not just protecting our own interests. We’re protecting the interest of the customer to avoid them getting themselves in a position where they challenge themselves with the financial stress that was avoidable,” says Covert.
Roots That Still Matter
Southern’s relationship-first approach didn’t emerge by accident. It was shaped early on by the realities of agricultural banking and an environment where trust and long-term thinking are essential.
Michael Chestnutt, a Southern Bank board member and longtime customer, points to those origins as foundational. “There is no business in the world that is more relationship-based than agriculture,” Chestnutt says. “Farmers have good years, farmers have bad years. Weather is unpredictable. It’s the nature of that operation. That creates a need and a huge benefit out of having a solid long-term relationship. That formed who Southern Bank was.”
Even as Southern diversified beyond agriculture, those early lessons endured. “When you begin with an agricultural underpinning, it creates a desire to know customers more deeply,” Chestnutt adds. “And I think that’s been a competitive advantage for us over time.”
Expanding Markets, Familiar Expectations
As Southern entered larger, more complex markets, the challenge became clear: How do you scale without losing accessibility? Chestnutt sees Southern’s ability to combine increased capacity with local decision-making as a key differentiator, citing an improved ability to carry large loans as an example.
At the same time, Southern has avoided the layers of bureaucracy common at national institutions. “You’ll know who to call and you won’t necessarily have to go through a phone tree,” Chestnutt adds. That balance of scale, paired with access, has allowed Southern to compete in markets like Raleigh, Wilmington, and Hampton Roads, while still operating like a community bank.
Personal, Even at Scale
For Grey Morgan, Southern’s former president and CEO, the heart of the bank has always lived in its people, regardless of geography. “That’s what Southern Bank is all about. It’s not what goes on in this building. It’s what goes on in these buildings that are around our footprint,” Morgan says.
Even as the footprint grew, Morgan observed the same culture taking hold in newer markets: “I stay in touch with those people as well. And it’s always good to stop by a branch. I don’t always recognize everyone in there, but for many years we did. And that’s another good side of Southern Bank.”
What matters most, he says, is that leadership remains accessible and grounded: “I guarantee you the president of our bank or the CEO today — the vast majority of the people we’ve got throughout our footprint — he would know [them by a] first-name basis and they feel totally comfortable talking with him.”
That comfort — the ability to raise concerns, share ideas, and feel heard — defines what “personal” looks like as Southern grows.
Built for What’s Next
As banking continues to evolve, Southern’s leadership is clear-eyed about the need to modernize. Digital tools matter. Expectations change. But the bank’s foundation remains relational.
Covert puts it simply: “It doesn’t matter what tools that we may acquire over time and how banking changes. It’s going to be based on a relationship with the customer.”
After 125 years, Southern’s success isn’t measured solely by assets or geography. It’s reflected in trust built slowly, decisions made carefully, and relationships that last, even as the bank continues to grow.
Whether you’re managing a household or a business, Southern Bank is here to help. Open an account today.
