The South financial Group: Losses rise at largest S.C. based bank

Wed. October 22, 2008; Posted: 03:17 AM

Oct 22, 2008 (The State - McClatchy-Tribune Information Services via COMTEX) -- TSFG | Quote | Chart | News | PowerRating -- Losses at Carolina First parent, The South Financial Group, widened in the third quarter, the Greenville company reported Tuesday.

In the quarter ending Sept. 30, the largest bank based in South Carolina reported a loss of $25 million, or 43 cents a share. That compares to a loss of $10.9 million, or 23 cents a share, reported at the end of the second quarter.

South Financial charged off $7.5 million in the quarter after selling $25.9 million of problems loans. The loans sold mostly were residential construction-related loans in Florida.

Loan charge-offs rose 60 percent to $75.4 million, or nearly 3 percent of loans held.

"Capital, credit, and liquidity remain our top priorities in this tumultuous environment," said South Financial CEO Mack Whittle, who will retire at year's end from the bank he founded. "We're managing balance sheet growth to preserve capital, continuing to address problem loans, and focusing on growing core deposits."

Whittle said residential construction loans, especially in Florida, "remain problematic."

Increasing deposits is "a key strategic objective as we weather the economic downtown and work to emerge even stronger," Whittle said.

South Financial lost $201 million in the first quarter.

South Financial, which ranks among the top 50 U.S. commercial bank holding companies, has 180 branch offices in Florida and the Carolinas.

Whittle will continue to serve on the board until his term expires in 2011.

To see more of The State, or to subscribe to the newspaper, go to http://www.thestate.com. Copyright (c) 2008, The State, Columbia, S.C. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

For full details on South Financial Group (TSFG) click here. South Financial Group (TSFG) has Short Term PowerRatings of 5. Details on South Financial Group (TSFG) Short Term PowerRatings is available at This Link.

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