SOURCE: Southern Community Financial Corporation

November 14, 2006 10:23 ET

Small Business Center to Be Named for Southern Community

Gift to Forsyth Tech Capital Campaign Marks Bank's 10th Anniversary

WINSTON-SALEM, NC -- (MARKET WIRE) -- November 14, 2006 -- Southern Community Bank and Trust (NASDAQ: SCMF) (NASDAQ: SCMFO) -- The Small Business Center at Forsyth Technical Community College will soon be known as the Southern Community Bank and Trust Small Business Center.

Southern Community's contribution to Forsyth Tech's capital campaign, which led to the naming of the center, was made in commemoration of the bank's tenth anniversary. The new name will take effect when the center moves from the Winston-Salem Chamber of Commerce building on Fourth Street to a new 55,000 square-foot building to be constructed at Piedmont Triad Research Park.

"We are very pleased that Southern Community has chosen to give its tenth anniversary gift to Forsyth Tech," said the college's president, Dr. Gary Green. "The bank has been supportive of the Small Business Center all through the years."

The close association between Southern Community and Forsyth Tech goes back to the bank's beginnings, ten years ago. Southern Community CEO, Scott Bauer, has served as chairman of the Forsyth Tech Foundation Board and also as chair of the state Small Business Advisory Board, which serves the Small Business Center Network of 58 centers at North Carolina's community colleges. Over the years, Bauer and Executive Vice President, Rob Davis, have both served on the local Small Business Advisory Committee and conducted workshops at the Small Business Center.

"It is absolutely fitting that we share the success of our first ten years in this particular way," said Scott Bauer. "Our strength and focus since the beginning has been serving the needs of small businesses, and to them we owe much of our rapid growth that has far exceeded our expectations. Start-ups, family business, and entrepreneurial companies are the backbone of the economy, and the free services and support the Small Business Center provides to them is valuable beyond measure."

"It's been a wonderful partnership," said Sue Marion, Executive Director of the Small Business Center and Vice President of Corporate and Continuing Education at Forsyth Tech. "Southern Community really promotes small business and entrepreneurship. They have also been leaders in the downtown revitalization effort, and our new building is part of that."

Construction of the new building is slated to begin in 2008. The building, which will enable Forsyth Tech to work in closer proximity to Wake Forest University Health Sciences, Winston-Salem State University and the North Carolina School of the Arts, is projected to open in 2009.

The Small Business Center was established at Forsyth Tech some 25 years ago and was first housed on the campus. It moved to the Chamber Building in 1996, where it offers workshops, seminars, individual counseling, and a library of resources for owners of businesses and people who want to start businesses. The purpose of the center is to increase the success rate of small businesses by providing information, advice and training.

Such assistance pays off, according to Sue Marion.

"A study of 2000 businesses that had received counseling and training showed that 87% were still in business seven years later," she said.

Southern Community's gift was made in connection with Forsyth Tech's first public capital campaign. The Momentum campaign was launched in June with a goal of $13 million and a December 2006 deadline.

In its current location, the Small Business Center is operating at capacity level. The new location will provide for a larger resource library as well as more classroom and counseling space.

Celebrating its tenth year, 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 21 banking offices throughout North Carolina. Southern Community Financial Corporation's common stock and trust preferred securities are listed on the NASDAQ Global Select Market 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:
    Scott Bauer
    CEO
    Southern Community Financial Corporation
    Jeff Clark
    President
    Southern Community Bank and Trust
    (336) 768-8500