SOURCE: Southern Community Financial Corporation

October 24, 2006 17:18 ET

Southern Community Arrives in Asheville

Bank Names Charles Frederick Western Regional President

WINSTON-SALEM, NC -- (MARKET WIRE) -- October 24, 2006 -- Southern Community Bank and Trust, a subsidiary of Southern Community Financial Corporation (NASDAQ: SCMF) (NASDAQ: SCMFO), has launched its entry into the western region of North Carolina with a new office in Asheville. Bank President, Jeff Clark, says Asheville and the western part of the state is a key piece of Southern Community's long-term strategy, which focuses on the state's vibrant metropolitan markets.

"The progress of the past year reflects that strategy," says Clark. "Our new Greensboro office opened in December last year; we also made our first step into the Charlotte market in December, breaking ground on our Mooresville office; and we have opened a loan production office in Raleigh with expectations of opening a new Full Service Financial Center in 2007. This Asheville office is the forerunner to future full service locations in the state's western region, and we could not be more pleased to be part of such a thriving community."

Plans for the development of a Full Service Financial Center in Asheville are under way, with an expected grand opening date by late 2007.

Southern Community's western region operations will be directed by Charles Frederick, Western Regional President; Brad Blackburn, Commercial Banker and City Executive for the bank; Dan Anderson, Commercial Banker, who will lead the office's commercial lending activities; and Leisa Capps, Commercial Banking Specialist, who has nearly 20 years of banking experience in the Asheville market.

Frederick believes the Winston-Salem-based bank is ideally suited to the Asheville market. "We did our homework, and we expect that Southern Community's full range of products and commitment to excellent face-to-face customer service will find a warm reception in the region. We have a reputation as a bank that listens to its customers and acts on what it hears, and that is important in this market."

Frederick is a North Carolina financial services veteran, having worked for more than 25 years in the western and eastern regions of the state with RBC Centura and Wachovia before joining Southern Community. "This part of the state has seen a great deal of growth in the past decade, and Southern Community is in a great position to foster even further economic and community development in the region," Frederick says. "I look forward to being a part of that."

Blackburn, a native of Asheville and a graduate of Asheville High School, also looks forward to serving the western market. "It is certainly a great opportunity to serve this area and to be part of this growing bank," Blackburn said. "A new option for banking is what many people around the area have been hoping for." Blackburn worked previously with First Citizens Bank in Asheville and Wachovia in Winston-Salem.

Anderson, a Buncombe county native, expects his knowledge and understanding of the business climate in the Asheville area will be of significant value to Southern Community's local efforts. "The people here know what they want, and having provided financial services and advice on a daily basis over the last 12 years has afforded me a unique perspective on the businesses and residents of this area," he says.

Clark says the bank was impressed by the Asheville team's experience with and local knowledge of the dynamic, fast-growing area. "They make a perfect team to develop this opportunity for the bank and help us become the bank of choice in the Asheville area."

The initial office will be located at 80 Peachtree Road, Suite 106 in Asheville. Mr. Fredrick may be reached at Charles.Frederick@smallenoughtocare.com.

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 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