Corporate Profile
GrandSouth Bancorporation was purchased by First Bancorp (FBNC, Southern Pine, NC) on January 1, 2023 with a systems conversion planned for mid-March 2023. GrandSouth Bank, its holding company, will continue to operate under this name until the conversion is complete. Visit the First Bancorp Investor Relations website for more information.
GrandSouth Bancorporation (the “Company”) is a South Carolina corporation organized
in 2000 under the laws of South Carolina for the purpose of being a bank holding company for
GrandSouth Bank (the “Bank”). The Bank is a South Carolina state bank, which was incorporated and commenced
operations as a commercial bank in 1998. The Bank operates from its offices in Greenville,
Fountain Inn, Anderson, Greer, Columbia, Orangeburg, and Charleston South Carolina.
The Bank offers a full array of commercial bank services. Deposit services include
business and personal checking accounts, savings accounts, money market
accounts, various term certificates of deposit, IRA accounts, and other deposit services. Most of
the Bank’s deposits are attracted from individuals and small businesses. The Bank does not
offer trust or brokerage services.
The Bank offers secured and unsecured, short-to-intermediate term loans, with floating
and fixed rates for commercial, consumer and residential purposes. Consumer loans include car
loans, home equity improvement loans (secured by first and second mortgages), personal
expenditure loans, education loans, overdraft lines of credit, and the like. Commercial loans
include short-term unsecured loans, short and intermediate term real estate mortgage loans,
loans secured by listed stocks, loans secured by equipment, inventory, accounts receivable, and
the like. Management believes that the credit staff possesses knowledge of the community and
lending skills sufficient to enable the Bank to maintain a sufficient volume of high quality loans.