First South Bank of Spartanburg, South Carolina was chartered in April of 1996. It is a state chartered financial institution which was formed by selling 676,585 shares of common stock representing $7,442,424. The Bank was started by a group of local businessmen who invested both financially and of their time to organize an independent commercial financial institution in South Carolina. No director or investor invested more than 5% to allow a diversity and commonality of ownership. Since its inception, the Bank’s primary mission has been to serve the banking needs of South Carolina and to make a reasonable return to its shareholders. The Bank has built its reputation on providing quality service to its clients and specializing in commercial business. The Bank has benefited greatly from the staff it has been able to attract. The associates at the Bank are at above average performance levels and this has helped the Bank increase its market share in our communities.
In the fall of 1998 First South Bank made a decision to issue additional shares of common stock. To prepare for expansion opportunities, 237,971 shares of common stock representing $3,807,536 were sold. To assist with the expansion strategy a holding company was formed, First South Bancorp, Inc. (FSBS) and incorporated in 1999. Additionally, in October 2001 loan brokerage services were expanded and consolidated with investment brokerage and mortgage loan services by the creation of a financial brokerage services division.
First South Bank opened its doors on August 19, 1996 at 1035 Fernwood Glendale Road. By June 1997 the Bank moved into its main office headquarters at 1450 John B White Sr. Blvd. A third location was opened March 20, 2000 at 1333 E. Main Street in Columbia. On July 28, 2003 a fourth location was opened at 7 Arley Way, Bluffton. On October 17, 2007 a fifth location was opened at 1068 North Church Street in Greenville. All five facilities were renovated and built to meet the needs of the bank and the local community. The facilities are designed and equipped to meet the needs of our clients and staff well into the next decade. First South Bank intends to remain independent and continue to provide the high quality of service and products for which it has been known.
The company has developed a strong niche in small business lending. First South Bank currently has over $250 million in total assets and 53 employees, currently servicing customers through five banking centers:
Spartanburg (Corporate Office)
Columbia (Loan production Office)
Bluffton \ Hilton Head
The bank also maintains an operations office (First South Center) in Spartanburg for Loan Operations, Deposit Operations, First South Financial Services, and Information Technology.