SOUTHERN FINANCIAL CORPORATION ANNOUNCES COMPLETION OF $5.1 MILLION PRIVATE PLACEMENT
Summary
The private placement resulted in gross proceeds to the company of $5,062,500.Southern Financial intends to use the proceeds from the private placement to support The Southern Banks continued growth in its South Carolina and Georgia markets and for general corporate purposes.We are immensely grateful for the exceptional support and confidence shown by our investors, said Jamin M. Hujik, CEO and President of The Southern Financial Corporation. With over $318 million in total assets, the bank operates branches in Greenville, Spartanburg, and Aiken, S.C., and Gibson, Hephzibah, Sardis, and Waynesboro, Ga. The Southern Bank is committed to delivering high-tech innovative financial tools while providing a high-touch, personal customer experience. Such forward-looking statements are identified by words such as believe, expect, anticipate, estimate, intend, plan, future, target, and project, as well as similar expressions. The inclusion of this forward-looking information should not be construed as a representation by our company or any person that the future events, plans, or expectations contemplated by our company will be achieved.The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) competitive pressures among depository and other financial institutions may increase significantly and have an effect on pricing, spending, third-party relationships and revenues; (2) the strength of the United States economy in general and the strength of the local economies in which the company conducts operations may be different than expected; (3) the rate of delinquencies and amounts of charge-offs, the level of allowance for credit loss, the rates of loan and deposit growth as well as pricing of each product, or adverse changes in asset quality in our loan portfolio, which may result in increased credit risk-related losses and expenses; (4) changes in legislation, regulation, policies, or administrative practices, whether by judicial, governmental, or legislative action, including, but not limited to, changes affecting oversight of the financial services industry or consumer protection; (5) the impact of changes to Congress and the Presidential election on the regulatory landscape and capital markets; (6) adverse conditions in the stock market, the public debt market and other capital markets (including changes in interest rate conditions) could continue to have a negative impact on the company; (7) changes in interest rates, which may continue to affect the companys net income, interest expense, prepayment penalty income, mortgage banking income, and other future cash flows, or the market value of the companys assets, including its investment securities; (8) elevated inflation which may cause adverse risk to the overall economy, and could indirectly pose challenges to our clients and to our business; (9) any increase in FDIC assessments which have increased and may continue to increase our cost of doing business; and (10) changes in accounting principles, policies, practices, or guidelines.