SOURCE: Southern Community Financial Corporation

January 17, 2008 11:57 ET

Hey, Look at ME!

Southern Community Rewards Tech Savvy Customers With "Maximum Earnings" Banking

WINSTON-SALEM, NC--(Marketwire - January 17, 2008) - Southern Community Bank and Trust (NASDAQ: SCMF) (NASDAQ: SCMFO) believes that rewarding customers with higher returns and fewer fees will attract new customers to the bank. They are putting that belief to the test with a new checking program called ME Banking. ME is short for "Maximum Earnings" and the name is appropriate because customers will earn a 6.00% Annual Percentage Yield (APY) when all the requirements are met. The program also allows customers to use any ATM from any bank nationwide with any fees refunded, and provides free online bill payment. To get these rewards, customers must receive an e-statement instead of a paper one, make ten debit card purchases a month, and have one direct deposit or automatic draft per month.

Clearly, the program is designed to benefit consumers who take advantage of today's modern banking technology. "In the last two decades, technology has profoundly changed the way many people bank," said Jeff Clark, Southern Community President, "and today's tech savvy consumer is doing more and more banking in a paperless world. This is a way for us to meet the needs of those customers and reinforce our well-known commitment to service at all levels. This is not just a new interest-bearing checking account with some added bells and whistles -- it really does reflect a whole new approach, and that's why we call it ME Banking."

Southern Community believes ME Banking will appeal to existing customers as well as a whole new customer base, expanding their reach among younger consumers who do many of their financial transactions using ATMs, debit cards, and online services. Clark thinks these customers will be drawn in by the rewards, but will stay for the service. "At some point, everyone needs to actually come in and talk to a banker, whether for a loan, to open a CD, or for financial advice. When they experience the kind of personal service we offer, we are confident they will become lifelong Southern Community customers." ME Banking is currently available through any Southern Community branch office, and an extensive advertising campaign will introduce the new program to the public over the next several weeks.

Southern Community Financial Corporation is headquartered in Winston-Salem, North Carolina and is the holding company of Southern Community Bank and Trust, a community bank, with 22 banking offices throughout North Carolina. Southern Community Financial Corporation's common stock and trust preferred securities are listed on the NASDAQ Global Select under the trading symbols SCMF and SCMFO, respectively. Additional information about Southern Community is available on its website at www.smallenoughtocare.com.

Contact Information

  • For more information:
    Jeff Clark
    President, Southern Community Bank and Trust
    (336) 768-8500