SOUTHERN FINANCIAL CORPORATION ANNOUNCES COMPLETION OF $5.1 MILLION PRIVATE PLACEMENT

SPARTANBURG, S.C., Sept. 4, 2024 /PRNewswire/ -- The Southern Financial Corporation, the parent company of The Southern Bank, announces the completion of a private placement offering of shares of its common stock to accredited individual investors. 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 Bank's 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. "This new capital will enhance our services and broaden our reach, ultimately benefiting our clients and shareholders."               

The Southern Bank is redefining the future of community banking by seamlessly blending advanced financial tools with a personal touch. 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 excellence in every interaction and meeting the diverse needs of individuals and businesses alike.

To learn more about The Southern Bank, its leadership, and its services, please visit www.thesouthern.bank.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities. The securities offered and sold in the private placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration under the Securities Act and applicable state securities laws.

About The Southern Bank

The Southern Bank is changing the way digital banking and community banking are done. The Southern Bank is committed to delivering high-tech innovative financial tools while providing a high-touch, personal customer experience. With over $318 million in total assets, the bank currently operates branches in Greenville, Spartanburg, and Aiken, S.C., and Gibson, Hephzibah, Sardis, and Waynesboro, Ga. To learn more about The Southern Bank, visit www.thesouthern.bank.

Forward-Looking Statements

Certain statements in this news release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. 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. Such statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. 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 company's net income, interest expense, prepayment penalty income, mortgage banking income, and other future cash flows, or the market value of the company's 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.  All subsequent written and oral forward-looking statements concerning the company or any person acting on its behalf is expressly qualified in its entirety by the cautionary statements above. We do not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.

Contact: Maria Gonima
Phone: 310.400.0022
Email: [email protected]

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SOURCE The Southern Bank