Grand Banks Charters

CresCom to arise from 2-bank merger

The owner Community FirstBank of Charleston will merge its two subsidiaries in coastal credit one financial institution, resulting in a new name and expected cost savings.

Community Maxi Crescent Grand Strand Bank, both part of Carolina Financial Corp., will become the Bank CresCom by early 2012.

Lenders announced Thursday they will consolidate their separate bank charters into one. The Federal Deposit Insurance Corp. approved the application, which was first filed with the agency two years ago.

"It gives us the opportunity to be more effective," said John D.Russ, CEO of Charleston-based Carolina Financial. "It reduces our costs and increased sharing of back office functions. We can reduce duplication and to consolidate our reporting requirements. "

No jobs will be cut at each bank.

"We already run pretty lean," said Russ. "We're not close any branches."

Other than the new name, the customers of both small community banks are not likely to notice any change after the merger, he said.

"It's not a change in direction or philosophy or property," said Russ. "This is strictly a corporate reorganization."

Community FirstBank has six offices in the Charleston area and about $ 519 million in assets. He lost about $ 793 000 in 2010 and swung to a $ 1.3 million first quarter profit this year, according to the latest data filed with the FDIC. Russ said he expects private banks to stay in the black when it files its second quarter results.

"We're starting to see slow improvements but it is a struggle, he said. "We have many customers who are in trouble, and we are a reflection of our customers."

Carolina Financial was created by Russia and other former directors of Home Federal Savings Bank in 1997. After raising more than $ 6 million in a private placement, the holding company opened its first branch Maxi Community Meeting this year to 288, Saint remains the seat.

Caroline broader financial market in Myrtle Beach Bank by forming Crescent about a decade ago. The new unit now has four offices on the Grand Strand.But in recent years it has had a tougher start financially than its counterpart in Charleston because of the real estate crash has reached the heart of the market more difficult than the most coastal areas, Russ said.

Contact John McDermott at 937-5572.

We Took the Plunge & Bought a Grand Banks! - Trawler School Charters

July 28, 2011

Hi Captain Bob,

Thought you'd like to see what became of your two students NY (very white) of Albany. In June we plunged and bought a 32 Grand Banks. We took her for a shakedown cruise when he was driving down the Connecticut's Long Island, NY Harbor through and up the Hudson, where she is now at home in Ravenna, just south of Albany. Note that in the photo as your boat, it sits a little further because of the anchor and chain too. We will continue to do so, though, with the currents of the Hudson River.****

Experience on your boat and instruction in the selection and purchase of boats have been very helpful. We believe that we had a great boat in good condition at a good price. Thank you!

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