Company Profile
- Founded in 1901, Southern BancShares (N.C.), Inc. (OTC: SBNC) (“the company”) is a $5.2 billion closely held bank holding company headquartered in Mount Olive, NC. The lead subsidiary, Southern Bank and Trust Company (“the bank”), is a community focused bank operating 55 branches in eastern North Carolina and southeastern Virginia markets.
- SBNC’s contemporary growth has been characterized by a balanced mix of digestible M&A and organic initiatives such as the FDIC-assisted acquisition of Norfolk, VA-based Bank of the Commonwealth in 2011. M&A has been paused in recent years, but adjacent market deals could resume going forward, and supplement the company’s organic growth initiatives in more urban markets, such as Raleigh and Wilmington, NC.
- The company’s core business model is centered on high touch community banking offering both retail and commercial products. SBNC is a commercially oriented institution with a $3.2 billion loan…