The Bank Slate


Southern First discloses ‘needs to improve’ CRA rating

Southern First Bancshares in Greenville, S.C., said its bank recently received a “needs to improve” rating from the Federal Deposit Insurance Corp. tied to its compliance with the Community Investment Act.

The $2.9 billion-asset company disclosed in a regulatory filing Friday that the notice, received on March 16, covers the period from Feb. 12, 2018, to March 29, 2021. 

The filing provided no other details about the rating. 

“We are proud of our efforts to serve the banking and lending needs of the communities we serve and do not believe this CRA rating reflects the positive impact we had on families and businesses across our markets during the review period,” Art Seaver, the company’s CEO, said in the filing.

“Southern First has already made significant headway in the market identified by our regulator and remains committed to serving each of our communities now and in the future,” he added.

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