GrandSouth Bancorporation

What GrandSouth Bancorporation does

GrandSouth Bancorporation is a publicly traded bank holding company (OTCMKTS: GRRB), headquartered in Greenville, South Carolina, that operates under the "First Bank" brand as a community bank serving individuals, businesses, and municipalities across North and South Carolina. Founded in 1998, the company markets a brand heritage of over 90 years, indicating growth through legacy bank acquisitions. Its platform is organized into four primary lines — Personal Banking (checking, savings, credit cards, personal loans, auto/boat/home equity loans, private banking), Business Banking (commercial checking/savings, SBA loans, treasury services including Remote Deposit Capture, Positive Pay, Lockbox, payroll, and merchant processing), Mortgage Lending (conventional, FHA, VA, jumbo, ITIN, construction-to-permanent, rural housing), and Wealth Services (investment management, retirement planning, financial advisory).

The technology stack is a conventional community-bank digital platform: a mobile banking app with mobile check deposit and mobile wallet integration, corporate online banking with positive pay and cash safe, secure access code authentication, and the MyMoney personal financial management tool. The bank integrates Zelle for peer-to-peer payments, partners with Visa and Mastercard for card issuance and processing, and uses Everfi for customer financial education. It is FDIC-insured, an Equal Housing Lender, and registered with NMLS (#474504). Leadership includes Ron Earnest as President & CEO; the company employs 51–100 people.

Revenue mechanics follow a traditional community banking model: net interest income from personal and commercial loans (mortgages, auto, home equity, SBA, business term loans and lines of credit), transaction and account fees on deposits, credit card interchange, treasury and cash management fees, and wealth management revenue. Distribution combines a physical Carolinas branch network with self-serve digital channels. The company has executed two capital raises — $12M in February 2016 and $18M in November 2020 — to support balance sheet growth, with investors undisclosed. Pricing is not publicly disclosed at the product level.

Name

GrandSouth Bancorporation

Legal name

GrandSouth Bancorporation

Website

https://grandsouth.com

Company type

Public

Founded year

1998

Operating status

Operating

Headcount range

51–100 employees

Short description

GrandSouth Bancorporation operates First Bank, a publicly traded community bank (OTCMKTS: GRRB) headquartered in Greenville, SC, offering personal, business, mortgage, treasury, and wealth services across North and South Carolina.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (522110)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industries

Retail Lending (Personal Loans, Auto, Credit Lines) (FSABAAAB), Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI), Retail-focused Neobanks (Mass Market) (FSABAFAA)

Keywords

• Community banking services
• Retail banking products
• Commercial lending
• Mortgage lending
• Treasury management

Headquarters

HQ city

Greenville

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income from Lending: Traditional banking revenue generated from interest on personal and commercial loans including mortgages, auto loans, home equity, personal loans, and business loans
2. Banking Service Fees: Fees from checking accounts, savings accounts, wire transfers, and other banking services
3. Credit Card Revenue: Revenue from credit card transactions and interchange fees on Platinum Credit Card with Rewards and World Credit Card products
4. Treasury and Cash Management Services: Fees from business treasury services including remote deposit capture, electronic payments, payroll services, credit card processing, and corporate online banking
5. Mortgage Lending: Revenue from mortgage originations including conventional, FHA, VA, jumbo, and construction loans

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

GrandSouth Bancorporation, operating through First Bank, is a community bank providing personal and business deposit accounts, consumer and commercial loans, mortgage origination, treasury and cash management, and wealth management services to customers across North and South Carolina. Revenue is generated through interest income on loans and deposits, account service fees, card interchange, treasury service fees, and mortgage origination activity, delivered via physical branches, mobile and online digital banking, and direct sales teams.

Product overview

GrandSouth Bancorporation operates First Bank, a community banking institution serving North and South Carolina. The company offers a comprehensive, multi-channel banking platform organized into four primary segments: Personal Banking (checking, savings, credit cards, loans, private banking, and rewards programs), Business Banking (commercial checking, savings, loans, SBA programs, treasury management services, and merchant services), Digital Banking (mobile app, mobile deposit, mobile wallet, budgeting tools, P2P payments via Zelle, bill pay, and account alerts), and Mortgage/Lending (conventional, FHA, VA, jumbo, construction, and rural housing loans). The product architecture is a unified banking platform with specialized divisions for retail, commercial, digital, and mortgage services, supported by wealth management and financial education programs.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Accounts Individual checking accounts providing account access, debit cards, and online/mobile banking capabilities for everyday personal banking needs.
• Savings Accounts & CDs Personal savings accounts and certificates of deposit for secure money storage with competitive interest rates.
• Platinum Credit Card with Rewards Personal credit card earning rewards on everyday purchases, with rates and benefits tied to First Bank's rewards program.
• Personal Loans Unsecured personal loans for debt consolidation, major purchases, and other personal financial needs.
• Home Equity Loans and Lines of Credit Home equity loans and lines of credit allowing homeowners to leverage property equity for major expenses.
• Auto Loans Financing solutions for purchasing new or used vehicles with competitive rates and flexible terms.
• Boat Loans Specialized marine financing for boat purchases with tailored loan terms.
• Private Banking Comprehensive banking services tailored for high-net-worth individuals, including personalized financial solutions.
• Business Checking Accounts Commercial checking accounts designed for business operations with features and tools to support everyday business banking.
• Business Savings Accounts Savings solutions for businesses to safely store and grow operational funds.
• Mastercard World Business Credit Card Business credit card offering rewards on business expenses, with expense management features for business customers.
• Business Loans Commercial lending products including term loans and lines of credit to support business growth, operations, and working capital needs.
• SBA Loans Small Business Administration-guaranteed loans supporting business startups, expansion, and growth.
• Treasury Services Comprehensive business cash management solutions including Remote Deposit Capture, Electronic Payments, Payroll Services, Credit Card Processing, Positive Pay, Lockbox, Corporate Online Banking, Cash Safe, and SpendTrack.
• Conventional Fixed-Rate Mortgage Loans Traditional mortgage loans with fixed interest rates and consistent monthly payments throughout the loan term, for primary, secondary, and investment residences.
• FHA Loans Federal Housing Administration-insured mortgages with lower down payment requirements for qualified borrowers.
• VA Loans Veterans Affairs-backed mortgage loans offering favorable terms for eligible military service members and veterans.
• Jumbo Loans Mortgages exceeding conforming loan limits for higher-value properties.
• ITIN Mortgage Loans Mortgage products for borrowers using an Individual Taxpayer Identification Number in lieu of a Social Security Number.
• Dream It, Own It First-Time Homebuyer Loans Flexible home loan program tailored for first-time homebuyers with unique qualifying terms.
• Rural Housing Loans USDA-backed mortgages for properties in eligible rural areas with no down payment required.
• One-Time-Close Construction-to-Permanent Loans Combined construction and permanent mortgage financing allowing builders and borrowers to convert to a permanent mortgage upon completion.
• Wealth Management Services Comprehensive wealth management including investment management, retirement planning, and financial advisory services.
• Mobile Banking App Smartphone application enabling account access, mobile check deposit, mobile wallet support, and account management for First Bank customers.
• First@Work Employee Banking Program Employee banking solutions and services offered to businesses for their workforce banking needs.
• Life Insurance Life insurance products offered to customers through a partnership platform for comprehensive financial protection.

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered core and minor.

• ZellecoreTechnology or IntegrationIntegration with Zelle peer-to-peer payment network enabling customers to send and receive money directly through the First Bank digital banking platform
• VisacoreTechnology or IntegrationPartnership for credit card processing and issuance including Platinum Credit Card with Rewards and World Credit Card for business customers
• MastercardcoreTechnology or IntegrationPartnership for debit and credit card processing through World Credit Card product and business debit cards
• EverfiminorStrategic or Co-development PartnerEducational content partnership providing free financial literacy courses to customers and community members through First Bank's Learn platform

Scale indicators2 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• First Bancorp: North Carolina-headquartered community bank holding company operating in the Carolinas and nearby Southeast states with similar mix of personal, business, mortgage, and SBA lending; closest geographic and product analog to GrandSouth's First Bank franchise.
• SouthState Corporation: Southeast-focused regional bank headquartered in SC/FL with comparable community-banking model, full-service deposit, lending, mortgage, and treasury offerings—closely overlapping with First Bank's product breadth and Carolinas footprint.
• Pinnacle Financial Partners: Super-community bank operating in the Southeast including the Carolinas with heavy emphasis on commercial, treasury, mortgage, and wealth services; similar relationship-led community model and product set as First Bank.
• United Community Banks: Georgia-headquartered community bank with branch presence across the Carolinas offering personal and small-business banking, mortgage, and treasury services that directly compete with GrandSouth in overlapping Carolinas markets.
• First Citizens BancShares: North Carolina-headquartered bank holding company with deep Carolina roots and full-service retail, commercial, mortgage, and wealth offerings—historically the dominant in-state competitor for community banks like GrandSouth/First Bank.
• Atlantic Union Bankshares: Virginia-based Mid-Atlantic regional bank offering personal, business, mortgage, and wealth products across the Southeast corridor—an adjacent Southeast community-banking peer with comparable product set and customer focus.

Emerging players

• Live Oak Bancshares: NC-based community bank notable for digital-first national small-business/SBA lending combined with traditional deposit franchise—comparable product overlay (especially SBA lending and digital channels) and Carolina operating heritage.

Regional players

• Cadence Bank: Southeast/Texas regional bank with community-banking DNA following recent mergers; offers similar consumer, commercial, mortgage, and treasury services but with a wider geography and larger scale than GrandSouth.

Broad incumbents

• Truist Financial Corporation: Top-3 Carolinas retail bank with full-service consumer, small business, mortgage, wealth, and treasury offerings—defines the competitive environment in GrandSouth's core geography and represents the broad-incumbent benchmark.
• Bank of America: Nation's largest retail bank with national branch+digital+wealth platform including credit cards, mortgages, and small-business treasury; broad-incumbent peer setting the scale and technology bar against which community banks like First Bank differentiate on service.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/user/LocalFirstBank
• Facebookfacebook.com/localfirstbank
• LinkedInlinkedin.com/company/grandsouth-bank
• Instagraminstagram.com/localfirstbank

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds2 records

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 GrandSouth Bancorporation