Southern Bank

Last updated
Southern BancShares (N.C.), Inc.
Industry Banking
Founded 1982;36 years ago (1982) [1]
Headquarters Mount Olive, North Carolina
Website www.southernbank.com

Southern Bank is a bank based in Mount Olive, North Carolina. It is a wholly owned subsidiary of Southern BancShares (N.C.), Inc., a bank holding company.

Mount Olive, North Carolina Town in North Carolina, United States

Mount Olive is a town in Duplin and Wayne counties in the U.S. state of North Carolina. The population was 4,589 at the 2010 census. It is included in the Goldsboro, North Carolina Metropolitan Statistical Area. The town is home to the Mt. Olive Pickle Company and the University of Mount Olive.

A bank holding company is a company that controls one or more banks, but does not necessarily engage in banking itself. The compound bancorp is often used to refer these companies as well.

The company operates 64 branches in North Carolina and Virginia.

Branch (banking) subsidiary office of bank

A branch, banking center or financial center is a retail location where a bank, credit union, or other financial institution offers a wide array of face-to-face and automated services to its customers.

North Carolina State of the United States of America

North Carolina is a state in the southeastern region of the United States. It borders South Carolina and Georgia to the south, Tennessee to the west, Virginia to the north, and the Atlantic Ocean to the east. North Carolina is the 28th most extensive and the 9th most populous of the U.S. states. The state is divided into 100 counties. The capital is Raleigh, which along with Durham and Chapel Hill is home to the largest research park in the United States. The most populous municipality is Charlotte, which is the second largest banking center in the United States after New York City.

Virginia State of the United States of America

Virginia, officially the Commonwealth of Virginia, is a state in the Southeastern and Mid-Atlantic regions of the United States located between the Atlantic Coast and the Appalachian Mountains. Virginia is nicknamed the "Old Dominion" due to its status as the first English colonial possession established in mainland North America and "Mother of Presidents" because eight U.S. presidents were born there, more than any other state. The geography and climate of the Commonwealth are shaped by the Blue Ridge Mountains and the Chesapeake Bay, which provide habitat for much of its flora and fauna. The capital of the Commonwealth is Richmond; Virginia Beach is the most populous city, and Fairfax County is the most populous political subdivision. The Commonwealth's estimated population as of 2017 is over 8.4 million.

History

Southern Bank was originally founded on January 29, 1901 as The Bank of Mount Olive. [1]

The bank changed its name to Southern Bank and Trust Company on March 1, 1967 to reflect a more regional presence.The Home Office of the Bank is located at 116 East Main Street, Mount Olive, North Carolina.

Southern BancShares (N.C.), Inc., was founded and established as the holding company of Southern Bank on January 1, 1983.


In 2011, the company acquired the assets and liabilities of the failed Bank of the Commonwealth. [2]

On February 1, 2016, the bank merged with Heritage Bankshares. [3]

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References

  1. 1 2 "Southern BancShares (N.C.), Inc. 2004 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. Shean, Tom (October 3, 2011). "Southern Bank takes aggressive step with move to Hampton Roads". The Virginian-Pilot .
  3. "Banks Complete Merger Transaction" (Press release). PRNewswire. January 29, 2016.