Bailout Bank Bio: The South Financial Group

Jan 27, 2009 | 2 min read | Print Article

The South Financial Group, Inc. operates as the holding company for Carolina First Bank that provides a range of commercial and consumer banking products and services in South Carolina, Florida, and North Carolina. The company’s products and services include deposits, loans, treasury management, merchant processing, full-service brokerage and investments, business and personal insurance, trust, investment management, financial planning, wealth management, and private banking. It also provides Internet banking services, such as bill payment services. The company serves small business, middle market companies, and retail consumers. As of December 31, 2008, The South Financial Group operated through 82 branch offices in South Carolina, 71 in Florida, and 27 in North Carolina. The company was founded in 1986 and is headquartered in Greenville, South Carolina.

In January the company began participating in the Treasury Department’s Capital Purchase Program. Under the program the company received $347 million from Treasury in exchange for preferred stock.

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Bailout Bank Bio: The South Financial Group (Carolina First Bank)


Federal Equity Investment	$347 million
Total Revenue	$843.9 million (2008) $993.7 million (2007)
Net Income	-$547.1 million (2008) $73.3 million (2007)
Number of Employees	2,535
Corporate Headquarters	Greenville, South Carolina
Business Sector	Bank
Officers and Directors	Harton, H. Lynn, Interim President, Chief Executive Officer Smith, John, Chairman of the Board Other Officers and Directors
Corporate Website	https://www.thesouthgroup.com
Executive Compensation	The South Financial Group