CertusBank

CertusBank, headquartered in Easley, South Carolina, with plans to move to nearby Greenville, is a bank which is a subsidiary of Blue Ridge Holdings, a Charlotte, North Carolina-based bank holding company created by former executives of Bank of America and Wachovia.

History

In 2010, Blue Ridge Holdings received a shelf charter from the Comptroller of the Currency and raised $500 million from investors.

CommunitySouth logo

On January 21, 2011, the new CertusBank bought the failed CommunitySouth Bank & Trust of Easley, South Carolina, whose six branches reopened as CertusBank the next day.^[1] CommunitySouth Bancshares, Inc., later CommunitySouth Financial Corporation, the parent company of the bank, was formed in 2005 by CEO Allan Ducker and President David Miller. Upon sending investment invitations to members of the community, Ducker and Miller secured approximately $32.7 million in investments, returning $2.7 million of those as the result of a $30 million maximum investment cap. With that investment, the bank set the record as the most highly capitalized de novo bank in the history of South Carolina at the time.^[2][3] Each branch contained a free refreshment center, with cookies, spring water, and soft drinks. Seasonal refreshments such as hot cider were often offered throughout the holiday and winter season.^[4][5] The most common cookie types were chocolate chip and sugar cookies. White Chocolate Macadamia Nut was added in early 2009, as the result of Cookie Election 2008.^[6] Branch ATM's and business courier delivery vehicles were themed to reflect the offer of free cookies and free nationwide ATM's.^[7]

As of Sept. 30, 2010, CommunitySouth had $402.4 million in deposits and $440.6 million in assets. The FDIC agreed to cover $211 million in problem loans.^[1] Easley became the headquarters city for CertusBank.

In May 2011, CertusBank added 26 more locations. In deals arranged by the FDIC, CertusBank bought the operations of two failed Georgia banks--Atlantic Southern Bank of Macon, with assets of $741.9 million and deposits of $707.6 million, and First Georgia Banking Co. of Franklin (for a grand total of over $1 billion in value). The FDIC agreed to cover $273.5 million in problem loans for Atlantic Southern and $156.5 million for First Georgia.^[8]

On May 25, S.C. Gov. Nikki Haley announced plans for a Greenville, South Carolina headquarters, part of an office/retail complex called One Greenville, which would create 350 jobs.^[9]

References

1. ^ ^{a b} Rothacker, Rick; Rexrode, Christina (2011-01-22). "New Charlotte bank buys failed S.C. bank". The Charlotte Observer. http://www.charlotteobserver.com/2011/01/22/1999502/new-charlotte-bank-buys-failed.html#storylink=misearch. Retrieved 2011-05-24. 
2. ^ "About Us". CommunitySouth Bank & Trust. http://www.csbat.com/About_us.html. Retrieved 2009-07-26. 
3. ^ "Business Notes". Anderson Independent-Mail. http://www.independentmail.com/and/news/article/0,1886,AND_8203_5073498,00.html. Retrieved 2009-07-26. 
4. ^ "Freshly Baked Cookies". CommunitySouth Bank & Trust. http://www.csbat.com/freshly_baked_cookies.html. Retrieved 2009-07-26. 
5. ^ "Banking More on Indie Banks"]. BusinessWeek. http://www.businessweek.com/smallbiz/content/dec2006/sb20061226_639974.htm?chan=smallbiz_smallbiz+index+page_today's+top+stories. Retrieved 2009-07-26. 
6. ^ "Bank puts stock in cookie vote". Anderson Independent-Mail. 2008-09-07. http://www.independentmail.com/news/2008/sep/07/bank-puts-stock-cookie-vote. Retrieved 2009-07-26. 
7. ^ "If you have it, flaunt it". Anderson Independent-Mail. 2007-05-06. http://www.independentmail.com/news/2007/may/06/if-you-have-it-flaunt-it/. Retrieved 2009-07-26. 
8. ^ Rothacker, Rick (2011-05-21). "CertusBank expands into Georgia". The Charlotte Observer. 
9. ^ "AAA: More South Carolina traveling". The Sun News. 2011-05-26. http://www.thesunnews.com/2011/05/26/2181889/coastal-business-aaa-more-south.html. Retrieved 2011-05-26. 

External links

• CertusBank Website