SCBT reports earnings up in first quarter
SCBT Financial, parent company of Rock Hill-based South Carolina Bank and Trust of the Piedmont, this week reported an increase in earnings and income in the first quarter, compared with the first quarter of 2007.
For the three-month period ended March 31, the bank reports a 14.5 percent increase in net income of $6 million, compared with $5.2 million for the first quarter of 2007. Earnings per share in the first period were $0.58 per share, compared with $0.56 in the first quarter of 2007. Total assets grew 19.4 percent to $2.7 billion since March 2007.
"Our team's performance in the first quarter was excellent," said Robert Hill Jr., CEO. "As we work through one of the toughest banking environments in decades, SCBT continues to perform at a very high level. ... Continued strong credit quality is the strength of our company. Over the last several quarters, we have taken proactive measures to identify problem loans as early as possible. ... While not immune to the credit cycle, we remain optimistic that our overall credit performance will continue to be solid."
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Citizens South to cut ribbon at new branch
Citizens South Bank will host a ribbon-cutting at its new India Hook Road branch at 2215 India Hook Road at 5:30 p.m. Monday.
Refreshments will be served.
Clover Community Bank, Ron Wright honored
CLOVER -- The Greater Clover Chamber of Commerce honored its citizen and business of the year and appointed four new board members at its 47th annual meeting on Thursday.
Ron Wright, Clover High School principal who will soon be a Clover schools assistant superintendent, was named the 2008 Citizen of the Year.
Clover Community Bank was named 2008 Business of the Year.
The chamber also appointed new board members Brenda Boyd, Kevin Falde, Kristen Ledford Glenn and Vance Stine to four-year terms. Martha Jean Starnes was tapped as 2008-2009 chairwoman.
Fort Mill to honor educators, volunteers
FORT MILL -- The Fort Mill Area Council will host the 47th annual Fort Mill Education and Volunteer Awards Program at 7 p.m. Tuesday at the Leroy Springs Recreation Complex, 971 Tom Hall St., Fort Mill.
Teachers of the year, support staff personnel of the year and top seniors will be honored by the Fort Mill school district. Additional awards to be given are: Citizen of the Year, Civic Volunteer of the Year, Emergency Personnel of the Year and the Murray B. White Preservationist of the Year. The program, presented by Piedmont Medical Center, will be followed by a reception.
The cost is $15 for chamber members and $20 for nonmembers. Reservations are required by Friday. For more information, contact Trudie Bolin Heemsoth at 547-5900 or e-mail theemsoth@ yorkcountychamber.com.
Citigroup cuts value of investments by $14B
NEW YORK -- Citigroup's 9,000 job cuts and $14 billion in write-downs suggest that even if the worst of the credit market volatility is over, the industry is in a conservative, cost-cutting mode.
With banks expecting more loans to go sour, people can expect tight lending standards for many months -- perhaps years -- to come.
Citigroup is struggling with not only a troubling lending environment in the United States but also a dented portfolio of investments. The bank's write-downs, plus more than $3 billion in costs related to consumers' credit problems, led it to report a first-quarter loss Friday of $5.1 billion, or $1.02 a share.
AT&T to cut about 4,600 jobs, shift resources
NEW YORK -- AT&T on Friday said it plans to cut about 4,600 jobs, or 1.5 percent of its work force, to shift resources to growing parts of its business.
The nation's largest telecommunications provider said most of the layoffs will be among managers, particularly in wireline operations, including local phone service and service for large corporate customers. Jobs in corporate functions such as finance also will be cut.
The San Antonio-based company said in a regulatory filing that it plans to take a $374 million first-quarter pretax charge against earnings as a result of the job cuts.