The Southern Bank

What The Southern Bank does

The Southern Bank is a privately held community bank operating as a subsidiary of Southern Financial Corporation, headquartered in Waynesboro, Georgia with operational presence in Duncan, South Carolina. Founded in 1945, the bank serves individual consumers and small-to-mid-sized businesses across South Carolina and Georgia through 8 physical branches plus digital channels. As of September 2024, total assets stood at $318 million.

The bank's product suite spans personal banking (three checking tiers, two savings options, CDs), mortgage lending (Conventional, FHA, VA, USDA, Jumbo, and Portfolio loans originated via Calyx Zenly cloud-based loan origination software), six personal credit cards plus four business credit cards (issued through TCM Bank, N.A.), and business banking services (four checking products, savings and money market accounts, business lending, and a comprehensive cash management platform with ACH origination, wire transfers, sweep accounts, positive pay fraud protection, and remote deposit capture). The technology stack consists of a digital banking platform with iOS and Android mobile apps (via a third-party mobile-foundry core provider) and online banking portal, with no proprietary core banking system disclosed.

The bank's revenue model is a conventional community bank mix: net interest income from lending (mortgages, commercial real estate, business loans) and deposit spreads, supplemented by account and transaction fees on checking/savings products, credit card interchange from TCM Bank-issued cards, and treasury management fees from business cash management services. Customer acquisition is direct-to-consumer through branch presence, community engagement, content marketing (a blog with 75+ posts across budgeting, savings, security, retirement topics), and organic social channels (Facebook, LinkedIn). Distribution is regional across the Southeast US, with new branches announced in Greenville and Spartanburg (Upstate SC) and Myrtle Beach to support geographic expansion funded by a $5.06 million private placement completed in September 2024.

Name

The Southern Bank

Legal name

Southern Bank

Website

https://thesouthern.bank

Company type

Private

Founded year

1945

Operating status

Operating

Headcount range

11–50 employees

Short description

The Southern Bank is a privately held community bank, founded in 1945 and headquartered in Waynesboro, Georgia, that provides checking, savings, mortgages, credit cards, and business cash management services to individual consumers and small-to-mid-sized businesses across South Carolina and Georgia through 8 branches and digital channels, with $318M+ in total assets as of September 2024.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (52211)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI)

akta.pro secondary industries

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA), SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC), SME Business Lending (Term Loans, Lines of Credit, Overdrafts) (FSABABAB), Credit Cards & Revolving Credit (FSABAAAC)

Keywords

• Community banking services
• Personal banking products
• Business banking solutions
• Mortgage lending services
• Digital banking platform

Headquarters

HQ city

Waynesboro

HQ country

United States

HQ region

North America

Offices9 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Interest Income: The bank earns interest income from lending activities including personal mortgages, business loans, commercial real estate financing, and other credit products. Interest is earned on checking accounts with tiered rates (Interest and VIP checking), savings accounts, money market accounts, and CDs.
2. Account and Transaction Fees: Monthly maintenance fees on checking and savings accounts (waived when minimum balance requirements are met), transaction fees for exceeding monthly limits, overdraft fees, and other service charges.
3. Credit Card Interchange: Credit card products issued through TCM Bank, N.A. generate interchange revenue on card transactions. The bank offers Platinum and Visa Signature credit cards for both personal and business use.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

The Southern Bank is a community bank that provides personal and business banking products and services. Its personal offerings include checking accounts (Essential, Interest, VIP tiers), savings and money market accounts, certificates of deposit, residential mortgage loans, and consumer credit cards. Its business offerings include business checking, business savings and money market accounts, commercial lending, business credit cards, and treasury/cash management services such as ACH origination, wire transfers, remote deposit capture, and positive pay fraud protection. Distribution is through physical branches in South Carolina and Georgia and digital channels (online and mobile banking).

Product overview

The Southern Bank is a community bank offering a comprehensive suite of personal and business banking products. The personal banking portfolio includes three checking account tiers (Essential, Interest, and VIP Checking), two savings options (Southern Savings and Southern Money Market), Certificates of Deposit, and six mortgage products (Conventional Conforming, FHA, VA, USDA, Jumbo, and Portfolio Loans). The credit card lineup features six personal cards (Rewards Platinum, Cash Rewards Platinum, Platinum Edition, Visa Signature, Excursion Visa Signature, and Secured) plus four business cards (Small Business Rewards, Small Business Cash Rewards, Small Business Edition, and Company Rewards). Digital banking services include Online Banking and Mobile Banking apps for iOS and Android. Business banking encompasses four checking products (VIP Business, Essential Business, Business Interest, and Commercial Checking), two savings options (Southern Business Savings and Southern Business Money Market), Business Lending for commercial real estate and equipment financing, and a comprehensive Cash Management platform with services including ACH Origination, Wire Transfers, Remote Deposit Capture, and Positive Pay. The bank operates branches across South Carolina (Greenville, Spartanburg, Aiken, Myrtle Beach) and Georgia (Sardis, Waynesboro, Gibson, Hephzibah).

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Account Tiered personal checking accounts offered in three variants (Essential, Interest, VIP) for individual consumers in SC and GA, each requiring a $50 minimum opening deposit, with monthly maintenance fees that are waived when minimum daily balance requirements are met.
• Southern Savings Account Personal savings account for individual consumers with interest paid on all balances, compounded and credited quarterly.
• Southern Money Market Account Personal money market account with tiered interest rates and check-writing privileges for individual savers.
• Certificates of Deposit (CDs) FDIC-insured Certificates of Deposit offering guaranteed growth at higher rates than traditional savings accounts, with team support for managing maturities.
• Conventional Conforming Mortgage Loans Fannie Mae/Freddie Mac conforming mortgage loans for amounts under $766,550, supporting purchase and refinance for primary residences, second homes, and investment properties.
• FHA Mortgage Loans Federal Housing Administration insured mortgage loans for primary residence purchase, up to 96.5% LTV.
• VA Mortgage Loans Veterans Affairs mortgage loans for primary residence purchase, up to 100% LTV.
• USDA Mortgage Loans US Department of Agriculture mortgage loans for primary residence purchase in approved rural lending areas, up to 100% LTV.
• Jumbo Mortgage Loans Jumbo mortgage loans for amounts exceeding $766,550, for primary or secondary residence purchase or refinance.
• Portfolio Mortgage Loans Non-agency portfolio mortgage loans for purchase, refinance, and construction on primary residences, second homes, and 1-4 unit properties.
• Personal Credit Cards (Rewards Platinum, Cash Rewards Platinum, Platinum Edition, Visa Signature, Excursion Visa Signature, Secured) Consumer credit cards issued through TCM Bank, N.A., spanning rewards, cash back, travel, premium Visa Signature, and secured credit-building options for individuals in SC and GA.
• Online Banking Web-based digital banking platform enabling customers to view balances, transactions, check images, and statements; make transfers, loan payments, and stop payments; set account alerts; and download transactions.
• Mobile Banking App Mobile banking app for iOS and Android enabling fund transfers, mobile check deposit, and branch/ATM location search.
• Business Checking Account Tiered business checking accounts for small to mid-sized businesses and nonprofits across SC and GA, offered in four variants: VIP Business, Essential Business, Business Interest Checking, and Commercial Checking for high-activity accounts.
• Southern Business Savings Business savings account earning competitive interest on all balances for businesses that need flexible deposits and withdrawals.
• Southern Business Money Market Business money market account designed for businesses seeking higher interest rates with check-writing convenience.
• Business Lending Commercial lending services for businesses, including commercial real estate loans, equipment financing, and lines of credit, delivered by community-based lenders.
• Business Credit Cards (Small Business Rewards, Small Business Cash Rewards, Small Business Edition, Company Rewards) Business credit cards issued through TCM Bank, N.A., spanning rewards, cash back, low introductory APR, and corporate-liability options for small businesses, nonprofits, and larger organizations.
• Business Cash Management Integrated treasury and cash management platform for South Carolina businesses, bundling ACH origination, business bill pay, wire transfers, sweep accounts, positive pay (check and ACH), and remote and mobile deposit capture, with QuickBooks Direct Connect integration.

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature3 records

Scale indicators3 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• United Bank (United Community Banks): Regional community bank with strong presence in the Southeast, including the Carolinas. Directly comparable as a relationship-based community bank serving consumers and SMBs across SC/GA, and a prior employer of several Southern Bank executives.
• CresCom Bank (Crescent Bank): SC-based community bank that was a direct competitor and prior employer of Southern Bank's CEO and COO. Operated in adjacent Carolinas markets with a similar community banking and SMB lending model.
• First Bank (NC): NC-based community bank serving similar SMB and consumer customer profiles. Comparable product set including business banking, mortgages, and treasury services. Now larger than Southern Bank following its acquisition of GrandSouth Bank.
• GrandSouth Bank: SC-based community bank of similar scale and profile prior to its 2023 acquisition by First Bank. Directly comparable as a relationship-driven community bank serving Carolinas SMBs.
• CertusBank: SC-based community bank that previously operated in the Carolinas with a similar SMB and consumer focus. Led by a prior employer of Southern Bank's President Scott Frierson.
• Carolina First Bank: SC-headquartered community bank (subsidiary of The South Financial Group) that operated in the same Carolinas footprint with similar SMB and consumer banking products. A prior employer of Southern Bank's CEO and President.
• Bank of South Carolina: Charleston-based community bank serving the SC market with comparable deposit and lending products. Directly comparable in terms of community banking focus and product set.

Broad incumbents

• South State Bank (now part of First Citizens): Former SC-headquartered community bank that grew to multi-billion-dollar scale before merging into First Citizens. Highly comparable product set and SC market overlap; now functions as a much larger regional incumbent competing head-to-head with Southern Bank in SC metros.
• First Citizens Bank: Major NC-headquartered regional bank that acquired South State Bank. Operates the largest community banking franchise in the Carolinas and competes directly with Southern Bank across its SC/GA footprint with vastly greater scale.
• Truist Financial Corporation: Top-10 US bank formed from the BB&T-SunTrust merger with deep Carolinas roots. Competes with Southern Bank for SMB and consumer deposits across SC and GA, leveraging materially larger scale and digital investment.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/WeAreTheSouthernBank
• LinkedInlinkedin.com/company/the-southern-bank

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Southern Bank