Improved Financial Condition Results in Removal of Memorandum of Understanding
June 4, 2014
GREER, SC – Greer Bancshares, Incorporated (the “Company”), parent company of Greer State Bank, today announced that it has received notice from the Federal Reserve Bank of Richmond that the Memorandum of Understanding between the Company and the Federal Reserve Bank of Richmond has been terminated effective May 30, 2014. This action follows notice from the Federal Deposit Insurance Corporation that the Memorandum of Understanding between Greer State Bank, the Federal Deposit Insurance Corporation and the S.C. State Board of Financial Institutions was terminated effective April 17, 2014.
“I am pleased that our regulators have acknowledged our accomplishments and the significant improvement in the financial condition of the Company over the past several years, and that the Company and the Bank are no longer under any corrective action agreements,” said George W. Burdette, President and Chief Executive Officer. “I would like to thank all of our employees for their work and dedication which has allowed us to accomplish our goals. This is one more step of positive momentum that continues at Greer State Bank, and we are pleased to be part of the growing Greer-area community and remain committed to serving local customers well.”
About Greer State Bank
Now in its twenty-sixth year of operations, Greer State Bank serves the greater Greer community with three branch offices and a fourth branch office in the Taylors community. Greer Bancshares Incorporated trades in the over the counter market and is quoted on the OTC Bulletin Board under the symbol GRBS. Greer State Bank is FDIC Insured and Equal Housing Lender.
