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Lumbee Guaranty Bank Announces the Appointment of Two New Directors

Pembroke, NC - 08/16/2012) – Lumbee Guaranty Bank (the “Bank”) is pleased to announce that effective August 16, 2012,   Larry Chavis and Derrick R. Staten, Sr. were appointed to the Board of Directors.  The addition of these two Board members expands the Board to nine positions and deepens the experience and banking expertise represented at the Board level. 

Mr. Chavis began his career with Lumbee Guaranty Bank in July 1987 as President and CEO and has over 40 years of banking.  Since that time, Lumbee Guaranty Bank has expanded from one to fourteen locations, with more than $322 million in assets and employing 100 people.   He currently serves as a member of the North Carolina Banking Commission and has served as Chairperson of his North Carolina Bankers Association Peer Group, in addition to having served as a member of the Board of Directors of the North Carolina Bankers Association and Community Bankers Association.  He is a U.S. military veteran, is active in many community organizations such as the Boy Scouts of America and is a graduate of Pembroke State University, Campbell University (MBA) and various higher education banking programs. 

Mr. Chavis is married to the former Loleta Hunt and they have two children, Melissa and Alex. 

Mr. Staten joined Lumbee Guaranty Bank in March 2002.   He retired from the Bank on April 30, 2012 as Senior Executive Vice President in charge of Corporate Administration.  Mr. Staten has more than 40 years of banking expertise, having worked in Whiteville, Saint Pauls, Lumberton, Greenville, Raeford and Fayetteville, NC  during his banking career.  He has also served in civic and leadership positions in each of these cities, including serving as the President of the Saint Pauls Chamber of Commerce, Chairman of the Raeford – Hoke County Economic Development Commission and Chairman of the Robeson Schools Vocational Board.  Mr. Staten is also a U.S. military veteran, and graduated from North Carolina Central University and UNC - Chapel Hill’s School of Banking.

Mr. Staten is married to the former Joyce A Howard and they have two children and one grandson. 

Commenting on the two Board additions, Mr. Arnold Locklear, Chairman of the Board, stated, “Bank regulators are increasingly looking for Boards of Directors to be comprised of highly experienced, time-tested individuals who have demonstrated their abilities to successfully operate in a community bank environment.  Both Mr. Chavis and Mr. Staten have had long, distinguished banking careers, and their participation at the Board level will better ensure that our decisions continue to best serve shareholder interests.  Through their insights, judgment and many years of service, both of these gentlemen have directly contributed to the stability, profitability and soundness that have always been hallmarks of Lumbee Guaranty Bank.”

Founded in 1971, Lumbee Guaranty Bank is a Pembroke, North Carolina based independent community bank that conducts its operations through fourteen full-service offices located in Robeson, Hoke, and Cumberland Counties.  Services that the Bank provides include commercial and consumer loans, as well as a competitive suite of deposit products.  Offices are located in Fairmont, Hope Mills, Fayetteville (2), Lumberton (3), Maxton, Red Springs, Rowland, St. Pauls, Raeford, and Pembroke(2). 


NOTICE OF EXPIRATION OF THE TEMPORARY FULL FDIC INSURANCE COVERAGE FOR NONINTEREST-BEARING TRANSACTION ACCOUNTS

By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor's accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.

Lumbee Guaranty Bank Announces the Appointment of Two New Directors

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