Conway, SC - As a tribute to our wonderful nation, Conway National Bank is proud to serve as a drop-off location for those individuals wishing to retire their American flag. When the flag becomes worn, torn, faded or badly soiled, it is time to replace it with a new one, and the old one should be retired with all the dignity and respect befitting our nation's flag.
The U.S. Flag Code states, "The flag, when it is in such condition that it is no longer a fitting emblem for display, should be destroyed in a dignified way, preferably by burning."
CNB delivers the flags to the Boy Scouts of America to ensure proper retirement is carried out. They are one of a select few service organizations permitted to actually retire a flag.
While the ceremony for flag retirement varies by organization, the Boy Scouts offer a carefully choreographed ceremony. These emotional ceremonies, also known as 'final honors', are performed with precision and care. The organization takes this civic duty very seriously and performs the ceremonies under the watchful eye of Scoutmasters and District Executives.
"It is both an honor and privilege to have a hand in something as sacred to our country as retiring the American flag," says Jennings Duncan, President and CEO of CNB. "We have offered the service of being a drop-off location for years, and it is something we will continue to offer for years to come."
Flags can be dropped off at any of CNB's fourteen (14) locations, Monday-Thursday, 9 am - 5 pm, and Friday, 9 am - 6 pm. For physical addresses for each of CNB's locations, please visit our Locations page.
CNB e-Statements are online bank statements that look exactly like your mailed paper statements. They are a safe, convenient way to view, print, or download your account statements from our Online Banking website. We can alert you when your statements are ready and it's FREE. To find out how you can sign up for this service, visit one of our 14 offices today.
Despite continued concern about the health and state of various foreign economies, political upheaval occurring in certain international regions, and other crises occurring globally, the U.S. national economy continued to recover in the fourth quarter of 2014. According to the Bureau of Economic Analysis, a division of the U.S. Department of Commerce, the U.S. national real gross domestic product (GDP) grew at an annual rate of 2.6% during the fourth quarter of 2014, in its advance estimate. Growth in real GDP for the fourth quarter of 2014 primarily reflects increases in personal consumption expenditures, private inventory investment, exports, nonresidential fixed investment, state and local government spending, and residential fixed investment, partly offset by decreased federal government spending. Locally, total real estate transactions increased 4.5% for 2014, at 13,703, as compared to 2013, at 13,110.
The Company's net income for the year ended December 31, 2014 totaled $6,133,000, up 27.8% from $4,800,000 for 2013, for a return on average assets of .63% and a return on average equity of 6.38% as compared to .50% and 5.18%, respectively, for 2013. On a per share basis, earnings increased 28.2% to $3.73 for 2014 as compared to $2.91 for 2013.
Total assets increased to $981.9 million at December 31, 2014, an increase of 5.0% from $935.1 million at December 31, 2013, and capital stood at $97.0 million at December 31, 2014, compared to $92.5 million at December 31, 2013, up 4.9%. Total deposits were $799.3 million at December 31, 2014, an increase of 3.3% from $773.6 million at December 31, 2013. Repurchase agreements increased to $79.5 million at December 31, 2014, an increase of 25.2% from $63.5 million at December 31, 2013. Loans totaled $440.9 million at December 31, 2014, an increase of 1.1% from December 31, 2013; and investment securities were $455.9 million, an increase of 7.4% from December 31, 2013.
Net income for the year ended December 31, 2014 of $6,133,000 is primarily the result of the Bank's net interest income. Net interest income increased slightly, 0.7%, to $27,721,000 for 2014 from $27,542,000 for 2013. Other factors which affect earnings include the provision for loan losses, noninterest expense, and noninterest income. The provision for loan losses decreased significantly, 53.1%, to $1,240,000 for 2014 as compared to $2,643,000 for 2013. The allowance for loan losses, as a percentage of net loans, stood at 2.09% at December 31, 2014 as compared to 2.36% at December 31, 2013. Noninterest expense decreased during the period, 4.2%, to $23,488,000 for 2014 from $24,523,000 for 2013; and noninterest income decreased 6.9% to $5,966,000 from $6,407,000 for 2014 and 2013, respectively. The decrease in noninterest expense was due to decreased examination and professional fees, FDIC deposit insurance assessments, net costs associated with foreclosed real estate, and other operating expenses. Noninterest income decreased due to decreased service charges on deposit accounts and other operating income.
In the first quarter of 2015, the Bank will complete a conversion of its ATM Network system management, debit card processing provider, and, more importantly, will convert its debit card base from Visa to MasterCard. The implementation of this process was undertaken after much study. It will provide several new benefits to the Bank's customers and will result in a substantial reduction in related operating costs.
Conway National continues to maintain a substantial financial position and continually improving profitability, both of which compare favorably to local markets. Conway National remains dedicated to its conservative and prudent banking practices; and, as always, we are very appreciative of your continued support. We look forward to the future and continuing to build your bank steeped in our traditions of exceptional customer service, trust, and dedication to all of the communities we serve.
W. Jennings Duncan, President
CNB Corporation and The Conway National Bank
Our current economic times serve as a great reminder of how important it is to teach our young children the value of saving. Conway National Bank is proud, once again, to partner with the American Bankers Association by participating in their annual Teach Children To Save Day. This event brings students and bankers together to increase savings education. Since it was started by the ABA Education Foundation in 1997, more than 60,000 bankers have reached some 2.8 million young people.
CNB has participated in this event several years and has had the privilege of reaching thousands of second graders throughout their service area in Horry County and the Waccamaw Neck area of Georgetown County. While the national program focuses on children of all ages, CNB felt if you could teach them early enough, it would become a lifelong lesson. "CNB firmly believes that teaching children about money and savings is a crucial part of providing our youth with a superior education," says Jennings Duncan, President and CEO of CNB. "Children are typically fascinated by money and enjoy spending. That's why CNB has joined the nationwide effort to help educate children on these issues."
While this year's Teach Children to Save Day was April 21, CNB will implement its program May-June to accommodate the school system's academic calendar and statewide testing. Spreading it over two months rather than just one day also allows the Bank to reach a lot more children. The 45-minute program is conducted by several bank representatives and includes games and activities allowing students to apply the concepts of saving money. "Financial literacy is critical to personal and professional success. Money is not just a resource that you work for; it is a resource that should work for you. CNB has taken a leadership role in helping educate children about financial responsibility. It is just another example that shows they are invested in our children and in our community for the long haul." says Teal Britton, Horry County Public Information Officer. At the end of the program, each student receives a CNB piggy bank and a $5.00 savings certificate, which they can deposit in their previously opened or new CNB savings account. "These children are our future. Everything we do for them today helps secure a better tomorrow," says Duncan. "We are pleased to offer this program, and are encouraged by the enormous support we receive from our community educators. Without their support, none of this would be possible."
Plans are already underway for this year's program, and schedules are being set with the schools. If you have not participated in the past, but would like a visit from CNB, call Marcie Shannon, Banking Service Representative, at 488-8310.
In addition to the Teach Children to Save program, CNB works with high school students in the Fall with a Get Smart About Credit program.
Conway National Bank Honors Ray Meeks
Conway, SC - The Conway National Bank has recognized Ray Meeks for thirty years of continued service to the bank, CNB officials have announced.
A native of DeRidder, La., he is a graduate of Kaiserslautern American High School and The University of South Carolina. He is Vice President of Core Systems at the Operations and Administration Center in Conway. He served in the US Army from 1971-1974. He lives in Conway with his wife, Lynn, and has two children, Scott and Susan.
Conway National Bank Honors Pam Lampley
Conway, SC - The Conway National Bank has recognized Pam Lampley for twenty years of continued service to the bank, CNB officials have announced.
A native of Florence, SC, she is a graduate of Socastee High School and attended Charleston Southern University and Coastal Carolina University. She is a security specialist at the Operations and Administration Center in Conway. She lives in Murrells Inlet and volunteers with Cop on Top for Special Olympics.
Conway National Bank Honors Angela Williams
Conway, SC - The Conway National Bank has recognized Angela Williams for ten years of continued service to the bank, CNB officials have announced.
She is a mortgage loan processor at the Conway Banking Office. She lives in Conway with her husband, Shawn, and children, Morgan and Nora. She is a graduate of Seymour High School in Seymour, TN, and attends Calvary Chapel in Myrtle Beach.
Conway National Bank Honors Jesse Williamson
Conway, SC - The Conway National Bank has recognized Jesse Williamson for twenty years of continued service to the bank, CNB officials have announced.
She is a graduate of Socastee High School and lives in Socastee with her husband and two children. She is a customer service representative at the Surfside Office. She attends Grand Strand Baptist Church in Myrtle Beach.
Conway National Bank Honors Janice Simmons
Conway, SC - The Conway National Bank has recognized Janice Simmons for forty-five years of continued service to the bank, CNB officials have announced.
A native of Conway, she is a graduate of Conway High School, USC Bankers School and East Carolina University Commercial Lending School. She is a Vice President and Lender at the Red Hill Office. She lives in Conway with her husband, Wayne, and has one daughter, Lauren Barker. She is a member of the Rotary Club of Carolina Forest, an executive board member of Friendship Medical and an executive board member of the Chanticleer Athletic Foundation.
Conway National Bank Honors Jonathan Jenerette
Conway, SC - The Conway National Bank has recognized Jonathan Jenerette for fifteen years of continued service to the bank, CNB officials have announced.
He is a graduate of Aynor High School and attended Coastal Carolina University. He is a collector in the loan department at the Operations and Administration Center in Conway. He lives in Aynor with his wife, Rebecca, and has two children, Josie and Jackson. He is a member of Berea Baptist Church in Galivants Ferry.