Bank Opened In June 2009 And Achieved Profitability In Third Quarter Of 2012
Coastal Carolina Bancshares, Inc. and its wholly owned subsidiary, Coastal Carolina National Bank (CCNB) in Myrtle Beach, S.C., which opened for business in June of 2009, reached the first profitable quarter in its short history in the third quarter of 2012.
For the three months ending September 30, 2012, the company had net income of $117,749 or $.05 per share, which is a 385.9% improvement from the same period last year. For the nine months ended September 30, 2012, the company has recognized a loss of $(57,301), or $(.03) per share, which is a 95.3% improvement from the same period last year.
The continued improvements can be attributed to several factors. The net interest margin has improved to 3.29% year to date, compared to 2.78% for the same period last year. The improvements in net interest margin are largely due to growth in the loan portfolio. Net interest income before the provision for loan losses has grown to $2.4 million year-to-date, a 41.2% improvement from the previous year. Additionally, the mortgage lending department has been a significant contributor-to-earnings with a 108.4% increase in mortgage lending revenue. Continue reading “CCNB Achieves First Profitable Quarter In Its Short History” »
Laurence S. Bolchoz, Jr. Of Myrtle Beach Selected To Lead Community Bank
Coastal Carolina National Bank (CCNB) in Myrtle Beach, S.C., has selected Laurence S. Bolchoz, Jr. to be its new president and chief executive officer. Bolchoz has also been named president and chief executive officer of Coastal Carolina Bancshares, Inc., the parent company of CCNB.
Bolchoz brings more than 25 years of banking experience to his new position at CCNB. He has lived and worked in Myrtle Beach since 1991. The last 14 years of his banking career have been spent at First Federal in Myrtle Beach, where he was most recently Senior Vice President — Grand Strand Market Executive, managing 20 financial centers throughout Horry and Georgetown counties. Bolchoz also served as a Region Executive & City Executive with First Federal during his 14 year tenure there. Prior to joining First Federal in 1998, he was Vice President, Direct Lender at NationsBank in Myrtle Beach, where he managed a loan portfolio of real estate and business loans. Continue reading “Coastal Carolina National Bank Names New President and Chief Executive Officer” »
In March 2012, thousands of bankers converged upon Washington to participate in the American Bankers Association Government Relations Summit. A special emphasis was placed on the attendance of up and coming leaders in the banking industry. In total, 13 states identified 25 emerging leaders, and Robert Hucks was one of three representing the state of South Carolina. The ABA and the state bankers associations share an alliance in representing the banking industry and monitoring, impacting, and influencing the changing regulatory environment surrounding the banking industry at all times. The diversity, breadth, strength, and commitment reflected by the young bankers and future leaders of our industry will help deliver an even greater impact for our message in the future. We are proud of Robert’s involvement in this initiative, his representation of Coastal Carolina National Bank, and his dedication to the banking industry.
Coastal Carolina National Bank sponsored Robert Hucks, Vice President of Commercial Lending, in the annual Horry County Dancing with the Stars on November 19, 2011. Hucks raised over $10,000 in support of BE2. BE2 enriches student’s lives by orchestrating the mentor program, organizing summer career exploration opportunities, and providing funding for enrichment experiences like golf clinics and trips to college campuses. Business Education Expectations manages the funding of the Horry County K-12 Foundation, which provides money for all of these ECHS activities. The Foundation’s funding is made up of generous donations from Horry County businesses.
On November 14th, SCORE of the Grand Strand announced its annual small business success winners. The dinner is a celebration of small business – for clients and for Friends of SCORE that help promote small business success such as Chambers of Commerce and Foundations.
A $10,000 startup grant was awarded. The grant was offered by an anonymous donor to a startup business, based on the business plan that demonstrated the highest likelihood of success. Selected from 40 applicants, Theresa DeCindio of Critter Comforts, a pet boarding service, in Conway was the winner. The business plans were judged by SCORE mentors with the winner chosen by a panel of local business leaders. Continue reading “Score Announces Small Business Successes” »
Kinard Brings Eleven Years Of Community Banking Experience To Coastal Carolina National Bank
Myrtle Beach, S.C. — Coastal Carolina National Bank (CCNB) in Myrtle Beach, S.C., has named Dawn Kinard senior vice president and chief financial officer, effective July 6, 2010. Kinard will be responsible for financial planning and reporting, accounting, budgeting and forecasting for CCNB. Kinard will be the chief financial officer for Coastal Carolina Bancshares, Inc., the bank holding company, as well as the chief financial officer for the wholly-owned subsidiary, CCNB.
Prior to her appointment at CCNB, she served as the chief financial officer for Buckhead Community Bank in Atlanta, Ga., and previously worked at The Coastal Bank in Savannah, Ga.
Kinard graduated from The University of Georgia with a Bachelors of Business Administration, with a concentration in finance. She is married and has two children. Continue reading “Coastal Carolina National Bank Names Dawn Kinard Senior Vice President and Chief Financial Officer” »
Benjamin Returns To Myrtle Beach Where He Spent A Decade With Coastal Federal Bank
Myrtle Beach, S.C. — Coastal Carolina National Bank (CCNB) in Myrtle Beach, S.C., has named Jeff Benjamin senior vice president and chief credit officer. Benjamin, who has been working in a similar capacity in Spartanburg, S.C., is returning to Myrtle Beach where he served as senior vice president and credit administration group leader at Coastal Federal Bank for a decade.
As chief credit officer for CCNB, Benjamin will administer the bank’s loan portfolio, develop and recommend loan policies and procedures, and be responsible for loan approvals and overall asset quality.
Benjamin graduated from Presbyterian College with a Bachelor of Science degree in accounting and mathematics. Continue reading “Coastal Carolina National Bank Name Jeff Benjamin Chief Credit Officer” »
Grand Strand’s Newest Community Bank Is Located On Oak Street In Myrtle Beach
Coastal Carolina National Bank has opened for business in Myrtle Beach. Located at 2305 Oak Street between the Founders Centre and The Myrtle Beach Convention Center, this locally-operated financial institution is offering a full-range of banking services designed to meet the specific needs of individuals and small and medium-sized businesses.
CCNB is guided by a community banking philosophy and focused on developing and nurturing long-term relationships with its customers. Its management team has deep roots in the Myrtle Beach community, as well as extensive experience in the banking industry.
“This is a great time to open a new community bank,” said Michael D. Owens, president and chief executive officer of CCNB. “Unlike other banks that are dealing with economic challenges and a weakened loan portfolio, we’re starting with a clean slate.” Continue reading “Coastal Carolina National Bank Opens in Myrtle Beach” »