LUMBEE GUARANTY BANK TO PURCHASE SOUTHERN BANK

Pembroke, N.C. - Lumbee Guaranty Bank has reached an agreement with Southern Bank to acquire their Red Springs, North Carolina branch. The joint announcement was made by Larry R. Chavis, President and CEO of Lumbee Guaranty Bank, and J. Grey Morgan, Chairman and CEO of Southern Bank.

Under the agreement, Lumbee Guaranty will purchase all of the loans and assume all deposits of Southern's branch in Red Springs, located at 300 South Main Street. The transaction is subject to regulatory approval.

Lumbee Guaranty Bank President and CEO Larry R. Chavis commented on the acquisition of the Red Springs office, "We welcome the opportunity to serve these new customers and expand our presence in Red Springs. This will give these customers more access with our expanded branching network in Robeson and surrounding counties. Lumbee Guaranty Bank was founded in 1971 and since that time has grown to 14 full service branches in three counties and total assets of $317 million."

Employees of the Red Springs office will be retained by Lumbee Guaranty Bank.

"In deciding to sell our Red Springs branch, we considered what would be best for our customers, our shareholders and our employees," said Grey Morgan. "This sale will ensure that our customers will receive the same high level of banking service they have come to expect. Lumbee Guaranty Bank has a greater presence in the area that will afford more banking options for our customers."

Pending regulatory approval, the transition of the accounts to Lumbee Guaranty Bank will take place in the second quarter of 2014.

Headquartered in Pembroke, Lumbee Guaranty Bank is a full service bank with locations in Robeson, Cumberland, and Hoke Counties. For more information, visit www.lumbee guarantybank.com.

Founded in 1901, Southern Bank is a wholly owned subsidiary of Southern BancShares (N.C.), Inc. With approximately $2.3 billion in total assets, the bank operates more than 70 branches in North Carolina and Virginia. More information about Southern Bank and its services is available at on the Internet at www.southernbank.com.

 

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NEW ORGANIZATIONAL STRUCTURE ANNOUNCED BY LUMBEE GUARANTY BANK BOARD OF DIRECTORS

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: http://LumbeeGuarantyBank.com



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