Bailout Bank Bio: Southern Community Financial Corporation

Aug 7, 2009 | 2 min read | Print Article

Southern Community Financial Corporation operates as the holding company for Southern Community Bank and Trust, which provides commercial and retail banking services to individuals, businesses, and nonprofit organizations in North Carolina. The company’s deposit products include non-interest-bearing checking accounts, interest-bearing checking and savings accounts, money market accounts, certificates of deposit, time deposits, and NOW deposits. Its loans portfolio comprises real estate loans for purchasing, constructing, and refinancing one-to-four family residential, as well as five or more family residential and commercial properties; residential and commercial mortgage loans; one-to-four family residential construction loans; commercial loans, including secured and unsecured loans for working capital, expansion, and other business purposes; and consumer loans, such as automobile loans, boat and recreational vehicle financing, and secured and unsecured personal loans. The company also provides trust and investment services, safe deposit boxes, and automated telephone and Internet electronic banking products. As of December 31, 2007, it operated through 22 banking offices, as well as approximately 100 automated teller machines in 9 counties throughout North Carolina. The company was founded in 1996 and is headquartered in Winston-Salem, North Carolina.

In January the company began participating in the Treasury Department’s Capital Purchase Program . Under the program the company received $42.8 million from Treasury in exchange for preferred stock.

Federal Equity Investment	$42.75 million
Total Revenue	$110.2 million (2007) $108.0 million (2008)
Net Income	$71.7 million (2007) $5.9 million (2008)
Number of Employees	337
Corporate Headquarters	Winston-Salem, North Carolina
Business Sector	Banking
Officers and Directors	*Bauer, F. Scott*, Chairman of the Board, Chief Executive Officer Other Officers and Directors
Corporate Website	http://www.smallenoughtocare.com
Executive Compensation	Southern Community Financial