Southern BancShares (N.C.), Inc. Surveillance Report
Company Profile
Founded in 1901, Southern BancShares (N.C.), Inc. (OTC: SBNC) (“the company”) is a $5 billion closely held bank holding company headquartered in Mount Olive, NC – the pickle capital of the world. Lead subsidiary, Southern Bank and Trust Company (“the bank”) is a community focused bank operating 56 branches in eastern North Carolina and southeastern Virginia markets in which the bank is well established.
SBNC’s contemporary growth history has been characterized by a balanced mix of selective M&A and organic initiatives. The company has been opportunistic on the acquisition front during economic downturns with its transformative, FDIC-assisted acquisition of Norfolk, VA based Bank of the Commonwealth in 2011. M&A activity has paused in recent years, but digestible, in-footprint and adjacent footprint deals could resume going forward and supplement the company’s organic growth initiatives in more urban markets, such as Raleigh and Wilmington,…
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