CNB News & Events
e-STATEMENTS NOW AVAILABLE | CNB TWO-FOR-ONE STOCK SPLIT | CNB MAKES US BANKER TOP 200 LIST | CNB EARNS 5-STAR RATING | 1st QUARTER '10 SHAREHOLDER LETTER | NEW CAROLINA FOREST ATM | TEACH CHILDREN TO SAVE | EMPLOYEE RECOGNITION
e-STATEMENTS NOW AVAILABLE
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.
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CNB CORPORATION ANNOUNCES TWO-FOR-ONE SPLIT OF CNB'S COMMON STOCK
October 16, 2009. CNB Corporation, the holding company for The Conway National Bank, headquartered in Conway, South Carolina, announced today that its Board of Directors has declared a two-for-one split of the Company's common stock. One additional share of the Company's common stock will be issued for each share owned by each person who was a shareholder of record on October 23, 2009. The distribution will be made on November 5, 2009. Shareholders of record will receive a new stock certificate representing the additional shares distributed to them as a result of the stock split. Existing stock certificates will remain outstanding.
Harold Cushman, Chairman of the Board of CNB Corporation, explained that the Board had approved the split to bring the market price of the Company's common stock more into line with the prices of other community banks.
Contact information: Edward T. Kelaher, Chairman of the Governance Committee of the Board of Directors of CNB Corporation and The Conway National Bank, 843-222-8166.
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CNB MAKES US BANKER TOP 200 LIST
June 2010: An Horry County-based bank was one of two in South Carolina to earn its way onto U.S. Banker magazine's annual list of the top 200 community banks in the country.
CNB Corp., the privately held owner of the 107-year-old Conway National Bank, which serves Horry and Georgetown counties, took the 138th spot. Its three-year average return on equity, which was used to rate the banks, was 9.5 percent.
The listing, which appears in the June 2010 edition of U.S. Banker magazine, was compiled by rating the top 200 publicly traded community banks and thrifts in the United States with less than $2 billion of assets ranked by 3-year average return on equity (ROE) as of December 31, 2009.
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CNB CONTINUES ITS EXCELLENCE WITH BAUER FINANCIAL'S 5-STAR RATING
April 2010: In these tough economic times, it is important to know there are financial institutions that are strong, secure, and ready and able to assist their communities. The Conway National Bank, Conway, South Carolina is one such institution - dedicated to getting Main Street back on its feet. Since it exhibits overall financial superiority in such areas as: capital adequacy, delinquent loan levels and profitability, BauerFinancial, Inc., Coral Gables, Florida is proud to bestow its highest 5-Star Superior rating upon The Conway National Bank. In fact, this marks the 71st consecutive quarter that The Conway National Bank has earned this distinction. Only 7% of the nation's banks can claim that.
"The unstable economic picture, both on Wall Street and on Main Street, makes it all the more important to recognize those financial institutions that are strong and stable," remarks Karen L. Dorway, president of BauerFinancial. "The institutions that played by the rules and did not compromise their lending standards are the same institutions that stand ready to help build the economy back up. The Conway National Bank is an excellent example of this community spirit."
Established in 1903, The Conway National Bank has been serving the banking needs of its neighbors and friends for 107 years. It operates through 14 conveniently located offices in Horry and Georgetown counties and can be found on the internet at www.conwaynationalbank.com.
The Conway National Bank: "Sound, Secure Banking - Yesterday. TODAY. Tomorrow."
BauerFinancial, Inc., Coral Gables, Florida, the nation's leading independent bank and credit union rating and research firm, has been reporting on and analyzing the performance of U.S. banks and credit unions since 1983. No institution pays BauerFinancial to rate it, nor can any choose to be excluded. Consumers may obtain star-ratings by visiting www.bauerfinancial.com.
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TO OUR SHAREHOLDERS AND FRIENDS:
The U.S. national economy emerged from a state of recession during the third quarter of 2009 and recovery continued through the fourth quarter of 2009 and the first quarter of 2010. The Bureau of Economic Analysis, a division of the U.S. Department of Commerce, indicated that real gross domestic product (GDP) increased at an annual rate of 2.2% and 5.6% for the third and fourth quarters of 2009, respectively. The Advance Estimate for the first quarter of 2010 indicates that GDP increased at an annual rate of 3.2%. The first quarter increase reflects increases in personal consumption expenditures, private inventory investment, exports, and nonresidential fixed investment that were partly offset by decreases in state and local government spending, decreases in residential fixed investment, and increased imports. Locally, the real estate sector posted gains in the first quarter of 2010 and the fourth quarter of 2009 with the total number of real estate transactions increasing approximately 35% and 33% as compared to the first quarter of 2009 and the fourth quarter of 2008, respectively. This is an improvement from the approximate 11%, 21%, and 44% declines experienced for the third, second, and first quarters of 2009, respectively, in comparison to the same periods in 2008. Despite these improvements, the banking industry has continued to experience significant difficulties with 41 bank failures occurring in the first quarter of 2010, as compared to 21 in the first quarter of 2009, and 2 in the first quarter of 2008. In total, there were 140 bank failures in 2009 and 25 in 2008. During the first quarter of 2010, Conway National maintained a solid financial position. However, operating results weakened, as expected.
The net loss for the first quarter of 2010 totaled ($43,000), down 102.2% from the net income of $1,939,000 earned for the first quarter of 2009. Although the Company incurred a minor loss for the first quarter of 2010, the Bank performed well in comparison to the combined operating results of all South Carolina banks, which posted a combined return on average assets of (.08)%. On a per share basis, earnings declined 102.6% from $1.17 for the first quarter of 2009, adjusted for the effect of a two-for-one stock split in 2009, to ($.03) for the first quarter of 2010 representing a return on average assets of (.02)% and a return on average equity of (.20)% as compared to .87% and 9.05%, respectively, for the first quarter of 2009.
Total assets grew to $931.1 million at March 31, 2010, an increase of 4.1% over March 31, 2009, and capital stood at $87.4 million at March 31, 2010 compared to $84.9 million at March 31, 2009. Total deposits were $724.3 million at March 31, 2010, an increase of 7.5% from $673.9 million for the previous year. As well, the Bank experienced an increase in repurchase agreements, which increased 7.0% from $96.7 million at March 31, 2009 to $103.5 million at March 31, 2010. Loans totaled $567.7 million at March 31, 2010, a decrease of 5.0% from March 31, 2009; and investment securities were $252.9 million, an increase of 19.2% from the prior year.
The net loss for the first quarter of 2010 of ($43,000) is significantly lower than historical returns experienced by the Bank. Bank earnings are primarily the result of the Bank's net interest income, which decreased 2.6% to $7,667,000 for the first quarter of 2010 from $7,868,000 for the first quarter of 2009. Other factors which affect earnings include the provision for possible loan losses, noninterest expense, and noninterest income. The provision for possible loan losses increased significantly, 205.7% from $1,231,000 for the first quarter of 2009 to $3,763,000 for the first quarter of 2010. The allowance for loan losses, as a percentage of net loans, was increased to 1.85% at March 31, 2010 as compared to 1.18% at March 31, 2009. Noninterest expense decreased 1.5% from $5,671,000 for the first quarter of 2009 to $5,586,000 for the first quarter of 2010; and noninterest income decreased 25.4% from $1,892,000 to $1,412,000 for the same periods, respectively. Noninterest expense decreased due to decreased salaries and employee benefits expense and other operating expenses, which decreased 4.4% and 9.7% for the three months ended March 31, 2009 and 2010, respectively. These expense reductions were partially offset by substantially increased FDIC deposit insurance expense which increased 158.6% from $111,000 to $287,000 for the same period. Noninterest income decreased primarily due to decreased gains on sales of investment securities, partially offset by an increase in service charge income on deposit accounts.
With the national and local economies expected to remain subdued through much of 2010, we anticipate that profitability will remain below historical levels while, at the same time, expect that the Bank will continue to grow, further strengthen, and generally prosper. Although the Bank's credit concerns have been relatively minor in terms of the magnitude of non-performing assets in the industry and local markets, we will continue to address credit concerns through the first six months of 2010. Loan losses have leveled, but will remain at historically high levels during the first half of 2010. Loan losses are expected to begin a downward trend in the third quarter of 2010. However, the Bank will continue to incur significant FDIC insurance premiums through 2012.
Although the national and local economies have begun to show some strengthening, much uncertainty remains about the sustainability and speed of the current recovery. However, we are confident that your bank will continue steadfast and strong throughout this difficult period. At the same time, the Bank has been positioned and prepared to meet future demands and opportunities.
Conway National continues to maintain a substantial financial position and profitability which compares 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
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CNB Announces new ATM location in Carolina Forest
May 18, 2009, Conway, SC - Conway National Bank (CNB) has expanded its service area with a new ATM in the Carolina Forest section of Myrtle Beach. The ATM is located at the corner of River Oaks Drive and Village Center Boulevard near International Drive.
Currently the Bank has 14 office locations throughout Horry County and the Waccamaw Neck area of Georgetown County.
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CNB Educates Children on the Value of Saving
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.
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EMPLOYEE RECOGNITION:
Conway National Bank Honors Mary Harrelson
March 11, 2010, Conway, SC- The Conway National Bank has recognized Mary Harrelson for ten years of continued service to the bank, CNB officials have announced.
A native of Horry County, she is a graduate of Loris High School and lives in Conway with her husband, Gary, and children, Jarrett and Leah. She is a Bookkeeper at the Operations and Administration Center in Conway. She is an active member at White Savannah FWB Church.
Tammy Scarberry Promoted to Vice President at CNB
March 11, 2010, Conway, SC- The Conway National Bank has promoted Tammy L. Scarberry to the position of Vice President, CNB officials have announced.
A native of Logan County, WV, Scarberry has worked at The Conway National Bank for eighteen years. She is a Loan Officer and Loan Supervisor at the Myrtle Beach Office.
She is a graduate of Chapmanville High School and Board Member and Secretary of Habitat for Humanity of Horry County. She lives in Myrtle Beach and has two children, Stefan and James.
Conway National Bank Honors Nicole White
February 25, 2010, Conway, SC- The Conway National Bank has recognized Nicole White for five years of continued service to the bank, CNB officials have announced.
A native of York, SC, she is a graduate of York Comprehensive High School and Clemson University. She is a Banking Officer, Lender, and Branch Operations Manager at the Pawleys Island Office. She is a member of the Pawleys Island Rotary Club and lives in Murrells Inlet.
Becky Singleton Promoted to Assistant Vice President
February 25, 2010, Conway, SC - The Conway National Bank has promoted Becky Singleton to the position of Assistant Vice President, CNB officials have announced.
A native of Conway, she has worked at the Conway National Bank for thirty-six years. She is the Bookkeeping Supervisor and an Assistant Vice President at the Operations and Administration Center in Conway. She lives in Conway with her husband, Randy, and has three children, Joni, Mark, and Matthew, and five grandchildren. She is an active member at High Point Baptist Church.
Conway National Bank Honors Eddie Tyler
February 25, 2010, Conway, SC - The Conway National Bank has recognized Eddie Tyler for five years of continued service to the bank, CNB officials have announced.
A native of Loris, he is a graduate of Loris High School. He is facilities assistant at the Operations and Administration Center in Conway. He lives in Conway with his wife, Pam, and has three children, Summer, Heath, and Savannah. Tyler is a member of Evergreen F.W. Baptist Church.
Doris Gasque Promoted to Assistant Vice President
February 25, 2010, Conway, SC - The Conway National Bank has promoted Doris B. Gasque to Assistant Vice President, CNB officials have announced.
A native of Horry County, she has worked at The Conway National Bank for thirty-five years. She is the Item Processing Manager and an Assistant Vice President at the Operations and Administration Center in Conway. She is a graduate of Conway High School and lives in Aynor with her husband, Roy. She is an active member at Bakers Chapel Baptist Church.
John Sawyer Promoted to Assistant Vice President
February 25, 2010, Conway, SC - The Conway National Bank has promoted John H. Sawyer, Jr. to the position of Assistant Vice President, CNB officials have announced.
A native of Conway, Sawyer has worked at The Conway National Bank for five years. He is an Assistant Vice President and commercial and consumer lender at the Myrtle Beach Office. He is a graduate of Conway High School, The University of South Carolina, and Winthrop University. He is a member of the Grand Strand Sertoma Club, MBACC Finance Review Committee, Leadership Grand Strand Board of Regents Treasurer, GSSCENE steering committee and chairman of the education sub-committee. He lives in Conway with his wife, Lauren.
Conway National Bank Honors Terry Hyman
February 16, 2010, Conway, SC- The Conway National Bank has recognized Terry Hyman for twenty-five years of continued service to the bank, CNB officials have announced.
A native of Conway, he is a graduate of Conway High School and USC Coastal Carolina College. He is a Senior Vice President and Inland Area Executive, located at the Conway Banking Office. He lives in Conway with his wife, Elaine, and has two sons, Joseph Hunter and Travis. He is currently a member of Trinity United Methodist Church, United Way of Horry County Allocations Committee, Conway Lions Club, and Chanticleer Club.
John Proctor Promoted to Assistant Vice President
February 16, 2010, Conway, SC - The Conway National Bank has promoted John M. Proctor to the position of Assistant Vice President, CNB officials have announced.
A native of Conway, Proctor has worked at The Conway National Bank for six years. He is Staff Accountant and Assistant Vice President at the Operations and Administration Center in Conway. He is a graduate of Conway High School and Clemson University. He lives in Conway with his wife, Ashley.
Roger Sweatt Promoted to Vice President
February 16, 2010, Conway, SC - The Conway National Bank has promoted Roger L. Sweatt to the position of Vice President, CNB officials have announced.
A native of Rutherfordton, N.C., Sweatt has worked at The Conway National Bank for ten years. He is Credit Policy and Systems Manager at the Operations and Administration Center in Conway. He is a graduate of Chesterfield High School and The University of South Carolina. He lives in Carolina Forest with his wife, Kathy, and children, Hanna, Mary Kathryn, Sara, Caroline, Olivia, and Abby.
Sweatt serves as treasurer for South Strand Community Church and for a local homeschool support group. He is also a softball coach at the Carolina Forest Community Center.
Conway National Bank Honors Scott Hucks
January 28, 2010, Conway, SC - The Conway National Bank has recognized Scott Hucks for fifteen years of continued service to the bank, CNB officials have announced.
A native of Loris, he is a graduate of Aynor High School, Coastal Carolina University, and SC Bankers School. He is an Assistant Vice President and Senior Internal Auditor at the Operations and Administration Center in Conway and is a member of the Institute of Internal Auditors. He lives in Myrtle Beach with his wife, Melanie, and daughter, Finley.
Conway National Bank Honors Torey Sumpter
January 28, 2010, Conway, SC - The Conway National Bank has recognized Torey Sumpter for five years of continued service to the bank, CNB officials have announced.
A native of Conway, she is a graduate of Conway High School and Horry-Georgetown Technical College. She is a loan clerk at the Operations and Administration Center in Conway. Sumpter lives in Conway with her husband, Stewart, and children, Jeremy and Stewart.
Conway National Bank Honors Bryan Huggins
January 28, 2010, Conway, SC - The Conway National Bank has recognized Bryan Huggins for thirty years of continued service to the bank, CNB officials have announced.
A native of Johnsonville, he is a graduate of Johnsonville High School and attended Clemson University and Columbia Commercial College. Huggins is a Vice President and Senior Security Officer at the Operations and Administration Center in Conway. He lives in Myrtle Beach with his wife, Wanda, and has two children and four grandchildren. He has served in the US Air Force and is a member of the local emergency planning committee for Horry County.
Conway National Bank Recognizes James Jordan
January 27, 2010, Conway, SC- The Conway National Bank recognizes James Jordan as a graduate of East Carolina University RMA Commercial Lending School.
A native of Socastee, Jordan graduated from Socastee High School, Coastal Carolina University, and East Carolina University RMA Commercial Lending School. He is a Banking Officer and Commercial and Consumer Lender at the Murrells Inlet Office. He lives in Murrells Inlet with his wife, Emeline, and children, Lainey and Mary Charlotte. Jordan is a member of the Rotary Club of Murrells Inlet and a volunteer with Toys for Tots.
Conway National Bank Honors Amanda Harrington
January 7, 2010, Conway, SC- The Conway National Bank has recognized Amanda Harrington for ten years of continued service to the bank, CNB officials have announced.
A native of Conway, she is a graduate of Conway High School. She is an Electronic Banking Specialist at the Operations and Administration Center in Conway. Harrington lives in Conway with her husband, Steve, and son, Chase. She attends Piney Grove Baptist Church in Brittons Neck.
Conway National Bank Honors Jennifer Butler
January 7, 2010, Conway, SC - The Conway National Bank has recognized Jennifer Butler for five years of continued service to the bank, CNB officials have announced.
A native of Marion, she is a graduate of Mullins High School. She is a teller at the Conway Banking Office Express and lives in Nichols with her husband Kip, and stepson, Zane.
Conway National Bank Honors Margaret "Peg" Kamp
January 7, 2010, Conway, SC - The Conway National Bank has recognized Margaret "Peg" Kamp for thirty years of continued service to the bank, CNB officials have announced.
A native of St. Mary's, PA, she is a graduate of St. Mary's Area High School, Clarion University of PA, and the American Institute of Banking. She is a loan specialist at the Surfside Beach Office and lives in Surfside with her daughter, Nicole. She is council trainer and coordinator for the Girl Scouts of Eastern South Carolina.
Conway National Bank Honors Angela Williams
January 5, 2010, Conway, SC- The Conway National Bank has recognized Angela Williams for five years of continued service to the bank, CNB officials have announced.
A native of Cleveland, Ohio, Williams is a graduate of Seymour High School in Seymour, Tennessee. She is a mortgage loan processor at the Myrtle Beach Office and lives in Conway with her husband, Shawn, and daughter, Morgan. Williams attends Calvary Chapel in Myrtle Beach.
Conway National Bank Honors John Sawyer
January 5, 2010, Conway, SC- The Conway National Bank has recognized John Sawyer for five years of continued service to the bank, CNB officials have announced.
A native of Conway, Sawyer is a graduate of Conway High School and The University of South Carolina. He also received a MBA from Winthrop University. He is a Banking Officer and commercial lender at the Myrtle Beach Office. Sawyer lives in Myrtle Beach with his wife, Lauren. He is active in the Grand Strand Sertoma Club, FCA, GSSCENE, Leadership Grand Strand, and the MBACC.
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