Southern Bank News Release - March 19, 2010
Southern Bank Announces the Opening of its
New Banking Facility in Edenton

Edenton, N.C. ~ Southern Bank is pleased to announce the upcoming opening of its new banking facility at 101 West Queen Street in Edenton. The first day of business at the new location will occur on Monday, March 29th at 9:00am.
An official dedication and Grand Opening ceremony will be planned at a later date.

Greenville, N.C. ~ Southern Bank is pleased to announce the addition of Paul C. Anderson as a Business Development Officer in the Greenville / Pitt County area. He has been employed in the banking industry in the Greenville market for the past seven years. His new office will be located in Southern Bank’s Winterville branch.
A native of Clyde, North Carolina, Mr. Anderson earned a Bachelor of Science degree from East Carolina University and a Master of Business Administration degree from Fayetteville State University.
He is an active member of his community. He serves as a member of the Board of Directors and Treasurer of the Boys & Girls Club of Pitt County; a member of the Board of Directors of Habitat for Humanity of Pitt County; a member of the Board of Trustees of United Way of Pitt County; and a member of the University City Kiwanis Club.

Southern Bank News Release - July 19, 2009
Southern Bank President / CEO Announces Retirement; Successors Named

Mount Olive, N.C. ~ Southern BancShares (N.C.), Inc., parent holding company of Southern Bank and Trust Company headquartered in Mount Olive, is announcing the planned retirement of John C. Pegram, Jr. as Chairman of the Board, President, and Chief Executive Officer of both companies, effective in November later this year.

Grey Morgan, Executive Vice President and Regional Executive of the Bank’s Southern Region, will succeed Pegram as Chairman and Chief Executive Officer. Drew M. Covert, Executive Vice President and Chief Operating Officer, will succeed as President of the Bank.

“We are very pleased to have Grey succeed as chief executive officer and for Drew to succeed as president of Southern Bank,” Pegram said. “Grey and Drew bring many years of successful bank management experience and leadership qualities that will truly be an asset to the Bank. Southern Bank’s employees and customers alike can look forward to a continuing tradition of sound, conservative, community banking leadership. I look forward to their continued contributions to the bank’s success, while also looking forward to my eventual retirement later this year.”

 A native of Littleton and a Vietnam War Veteran, Pegram’s retirement later this year will conclude a successful 35-year career with Southern Bank. The bank nearly doubled in total assets during Pegram’s twelve-year tenure as president and CEO and also carries Bauer Financial’s prestigious “5-Star Superior Rating” – the highest possible rating awarded for safety and soundness by the nation’s leading independent bank rating firm.

“Southern Bank has been very honored and blessed by Mr. Pegram’s dedicated service to the company over the past 35 years,” said Morgan. “His contributions and leadership have continued to guide the Bank to the regional presence and prosperity it enjoys today. Both Drew and I look forward to continuing in the tradition of leadership established by him and our predecessors.”

 A native of Calypso, Morgan is approaching 35 years of banking experience in eastern North Carolina, serving in management with Farm Credit, UCB, and RBC before joining Southern Bank in 2002.

Morgan is a graduate of East Carolina University in Greenville and the North Carolina School of Banking at the University of North Carolina in Chapel Hill. He is past Chairman and Board Member of the Duplin County Economic Development Commission; past Chairman and Board Member of the Duplin County Education Foundation; past Chairman and Board Member of the Carolina East Home Care & Hospice, Inc.; Board Member of the Duplin County Community Foundation; past Board Member of Mount Olive Family Medicine; member of the James Sprunt Community College Small Business Advisory Board; and a member of the Duplin Rotary Club.

Mr. Covert is a graduate of East Carolina University and the Graduate School of Banking at Louisiana State University. He has been employed with Southern Bank for eleven years and previously held the positions of Examiner and Capital Markets Specialist with the Federal Deposit Insurance Corporation. He also obtained a Securities Brokerage License from the National Association of Securities Dealers, Real Estate Licenses from the North Carolina Board of Real Estate Commission, and was commissioned as a Financial Institution Examiner from Federal Deposit Insurance Corporation.

Covert has been a member of the Mount Olive Area Chamber of Commerce. He is a past Chairman of the Board from 2002-2003, Treasurer from 2001-2002 and Board Member from 2000-2003. He is also Chairman and Board member of the Beacon Title Agency, Wilmington, North Carolina.

Founded in 1901, Southern Bank is a wholly owned subsidiary of Southern BancShares (N.C.), Inc. With its Corporate Headquarters located in Mount Olive, the Bank has total assets of approximately $1.2 billion and over 50 locations serving eastern North Carolina. More information about the Bank is available on the Internet at www.southernbank.com.