According to a news release, the bank’s total assets have increased from a low of $47.8 million in September 2017 to $56.3 million as of June 30, 2018. Net loans also increased during the same time period, from $28.8 million to $32.9 million. Deposits increased from $41.5 million to $50.5 million. Non-performing assets decreased from a high of 12% in September 2015 to 2.3% as of June 30.
“Our second-quarter financial results demonstrate progress toward sustained profitability we expect to reach by the end of 2018,” bank president and CEO Dominik Mjartan said.
Since September 2017, the bank has seen more than $22 million in new deposits and more than $10 million in new loans, helping its interest income increase from $496,000 in the third quarter of 2017 to $637,000 in the second quarter of 2018.
In the first six months of 2018, the bank lost $132,000. This is down from 2017, when the bank lost $1.6 million.
In March, the bank was removed from the FDIC’s troubled bank list. A letter from the regional director of the FDIC dated March 8 informed the bank that a consent order issued on April 28, 2010, had been terminated.
With improved results, the bank has hired or promoted several new staff members to increase its capacity to provide responsive and responsible credit and banking services. They are:
• Jessica Addison, Vice President, Lending. Jessica has more than 10 years of experience in professional financial guidance, sales management, and customer service. Most recently, Jessica was a branch manager for OneMain Financial where she ranked one of the highest in the state for her performance.
• Hammond Edwards, Senior Vice President, Commercial Lending. Hammond brings more than 25 years of commercial and consumer lending experience and strong relationships in numerous industries across South Carolina.
• Vandy Hall, Vice President, Lending. Vandy has more than 15 years of banking experience including commercial lending, construction lending and financial advisory services. Vandy also brings credit underwriting skills that will help increase the capacity and responsiveness of our small business lending.
• Kimberly Jones, promoted to Branch Manager and Assistant BSA Officer. Kimberly D. Jones joined South Carolina Community Bank in 2011 as a teller and later became an Assistant Branch Manager.
• Abigayle Shuey, BSA Officer & Universal Banker. Abigayle previously spent 5 years in various leadership roles at The Citizens Bank as a BSA officer, Deposit Compliance Officer, and Consumer Complaints Officer.
• Reginald Webber, Vice President, Credit Portfolio Manager. Reginald spent nearly a decade in various credit functions at First Citizens Bank, building a unique breadth and depth of skills especially relevant to a growing small bank.
South Carolina Community Bank recently announced that it will change its name to be Optus Bank. The bank’s heritage can be traced back to 1921, when courageous and visionary African American leaders established Victory Savings Bank. SCCB is proud of this rich heritage and its mission to help transform opportunities into wealth for hard working people regardless of their inherited privilege. SCCB is a federally recognized Minority Depository Institution and a U.S. Treasury certified Community Development Financial Institution.
The bank is also relocating its offices from the corner of Sumter and Taylor streets to 1241 Main Street, closer to the heart of downtown Columbia, and launching a new website, www.optus.bank.