NEWS RELEASE 11/02/2009

Lumbee Guaranty Bank President /CEO Larry R. Chavis announced that at its regular Board Meeting held on October 31, 2009 the Board of Directors of the Bank voted to pay a 7 cent per share cash dividend with a record date of December 10, 2009 and a payment date of December 21, 2009. Mr. Chavis stated that this is a reduction from previous payments, but the board felt it was the prudent thing to do during these economic times. The bank is still strong, and we want to make sure we remain strong. Also at this meeting, the Board of Directors voted to issue a 2 for 5 stock split which is a 40% stock dividend with a record date of January 7, 2010 and a payment date of February 3, 2010. The bank’s stock has held it’s value during these depressed times and has been trading at $23.50 per share during 2009. The bank’s profitability thru 09/30/09 was $898,491 compared to $1,645,963 thru 09/30/08. Earnings are down due to the squeeze on interest rate margins. The bank continues to grow with assets at 9/30/09 of $264,008,630 compared to 9/30/08 of $235,290,544 a 12% growth. The bank has grown and we continue to gain market share. The board has used stock dividends to reward stockholders for their confidence in the bank in lieu of cash dividends which are needed for expansion.

For additional information please contact Janet Newton (Stock Transfer Agent) @ (910) 521-9707 at Lumbee Guaranty Bank.


Larry R. Chavis has been promoted to EXECUTIVE VICE CHAIRMAN by the Board of Directors of Lumbee Guaranty Bank.

Kyle R. Chavis has been selected by the Lumbee Guaranty Bank (LGB) Board of Directors to succeed Larry R. Chavis (no relation) as CEO. In addition, Bryan K. Maynor has been promoted to President and Chief Operating Officer of the Bank. Both men will assume their new roles immediately.

Mr. Kyle Chavis, (47), has been an employee of LGB for 18 years. His experience includes a total of 25 years in a variety of banking roles at Wachovia Bank, Triangle Bank and others. He has been serving as Executive vice President and Chief Credit Officer of LGB for the past eight years. Kyle Chavis received a Bachelor of Arts in Business Management, with a concentration in Finance from North Carolina State University in 1991, and he is currently working toward a Master’s in Business Administration at UNC Pembroke. He attended graduate banking schools at Louisiana State University and through the North Carolina Bankers Association. He and his family reside in Lumberton, NC.

Mr. Bryan Maynor (53) has a 28-year banking career, 18 of which have been with LGB, most recently as the Executive Vice President and Chief Operations Officer. He was born and reared in Pembroke, NC and received his Bachelors of Science in Industrial Relations at UNC Chapel Hill in 1986. Maynor also attended graduate banking schools at LSU and through the NCBA. He attained an Executive Masters in Business Administration from Troy University in 2007. Maynor lives in Pembroke with his family.

In making the announcement, LGB Board of Directors Chair, Arnold Locklear, acknowledged the experience, leadership and skill that Kyle Chavis and Bryan Maynor have already contributed to the Bank, stating, “These gentlemen have been involved at a senior management level over many years of change at LGB. The Board is excited to have them as our next executive team.”

Mr. Larry Chavis said, “I have teased these guys that it will take two of them to replace me, but the truth is banking has become a much more complex business since I was a young banker. I am comforted that Kyle and Bryan will be at the helm when I slow down.”

LGB is a commercial bank founded in 1971. The Bank currently serves customers in Robeson, Cumberland and Hoke Counties. The Bank has $350 million in assets and 13 branch offices. Please visit our website:

Pembroke, NC

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