Previous company name

Name change date

Company Overview
The Southern Banc Company Inc is a public quoted company which operates as a holding firm for an independent community-oriented savings institution that offers retail banking products and services. The company has registered business office based in Gadsden, Alabama.
The company principally operates as an independent community-oriented savings institution which provides financial services through its four banking offices located in Gadsden, Albertville, Guntersville and Centre, Alabama. Its activities include: the origination of loans secured by mortgages on one-to-four-family residences; and attracts deposits within its market area through deposit instruments such as regular checking, passbook, statement savings accounts and certificates of deposit, that range in term from seven days to ten years. The company also provides limited amounts of non-residential real estate and commercial loans, and derives funds from loan principal repayments, interest payments, maturing investments and Federal Home Loan Bank advances.
Business Summary
Bank Holding & Holding Company
Description and history
The Southern Banc Company, Inc. (the ‘Company’) was incorporated at the direction of management of The Southern Bank Company, formerly First Federal Savings and Loan Association of Gadsden, Alabama (the ‘Bank’), for the purpose of serving as the holding company of the Bank upon the acquisition of all of the capital stock issued by the Bank upon its conversion from mutual to stock form in 1995. The Company is classified as a unitary savings institution holding company and is subject to regulation by the Office of Thrift Supervision (‘OTS’). At June 30, 2005, the Company had total consolidated assets of $104.8 million, deposits of $81.7 million and stockholders’ equity of $16.7 million, or 15.9% of total assets.

The Southern Bank Company. The Bank is an independent community-oriented savings institution dedicated to providing quality customer service. The Bank was organized in 1936 as a federally chartered mutual savings and loan association, at which time it also became a member of the Federal Home Loan Bank (‘FHLB’) System and obtained federal deposit insurance.

The Bank’s business strategy has been to operate as a profitable and independent community-oriented financial institution dedicated to providing quality customer service. Generally, the Bank has sought to implement this strategy by using retail deposits as its sources of funds and maintaining most of its assets in loans secured by owner-occupied one-to-four-family residential real estate properties located in the Bank’s market area, consumer loans, mortgage-backed securities issued by Federal Home Loan Mortgage Corporation (‘Freddie Mac’), the Government National Mortgage Association (‘GNMA’) and Federal National Mortgage Association (‘Fannie Mae’), U.S. government and agency securities, interest-earning deposits, and cash and equivalents. The Bank’s business strategy incorporates the following key elements: (1) remaining a community-oriented financial institution while maintaining a strong core customer base by providing quality service and offering customers the access to senior management and services that a community-based institution can offer; (2) attracting a retail deposit base from the communities served by the Bank’s four banking offices; (3) maintaining asset quality by emphasizing investment in local residential mortgage loans, consumer loans, mortgage-backed securities and other securities issued or guaranteed by the U.S. government or agencies thereof; and (4) maintaining liquidity and capital substantially in excess of regulatory requirements.

The company offers deposit instruments, including regular checking, passbook, statement savings, and individual retirement accounts; and certificates of deposit, as well as originates one-to-four-family residential real estate loans; nonresidential real estate loans; consumer loans, including automobile loans, home equity lines of credit, and both secured and unsecured demand loans; savings account loans; and commercial loans. The bank invests in mortgage-backed securities, U.S. Treasury securities, and U.S. Government agency securities. As of September 30, 2005, it operated four offices in Etowah, Cherokee, and Marshall Counties in Northeast Alabama.

The company is subsidiary which acquired the security being reported on by the parent holding company.

Business Line
Operates as a holding firm for an independent community-oriented savings institution that offers retail banking products and services
IPO date
Company Address
221 S. 6th Street

City province or state postal code
35901, GADSDEN, AL
Phone: 1 (256) 543 3860
Website url: