First National Bank of the South Appoints J. Barry Mason New CEO
August 26, 2009
SPARTANBURG, SC – August 25, 2009 – First National Bank of the South, Inc., a subsidiary of First National Bancshares, Inc. (Nasdaq:FNSC), today appointed a recognized, 27-year banking executive, veteran J. Barry Mason, as its new President and Chief Executive Officer.
Mason moves to Spartanburg, SC-based First National from Arthur State Bank (ASB), where he was Executive Vice President, Chief Lending Officer and a member of its Board of Directors. Mason follows Jerry Calvert, the Bank’s founding CEO for 10 years, who voluntarily stepped aside today.
Barry Mason brings rich experiences in financial services leadership, particularly in capital and credit, which are significant to the needs of First National, C. Dan Adams, Chairman of First National Bancshares, said. As the Bank completes its 10th year of operations, Mason is undertaking a new vision of leadership to promote success at First National.
It will be an honor to work with the employees and customers of First National Bank. Our first task will be to improve capital ratios to further stabilize the Company and to return it to its legacy of achievement, Mason said. We will strive to better serve the individual and business customers of the Bank with excellence, so we can swiftly and effectively fulfill the needs of our customers and shareholders.
Mason was part of the executive team at Arthur State Bank that helped grow the Company from $88 million in assets, $25 million in loans outstanding, and four branches in 1995 to $660 million in assets, a $548 million loan portfolio, and 23 branches today. A member of the Board of Directors of Arthur State Bank, Mason came to ASB from American Federal Bank, where he was Vice President/Northern Group Commercial Loan Manager. He began his banking career as a Branch Manager and Commercial Loan Officer for Citizens and Southern National Bank of South Carolina.
We are going to focus on the basics of banking — Capital, Credit Quality and Confidence in Our Brand. I will begin work immediately to engage with employees, shareholders, investors, and our commercial and individual depositors to create a fresh vision of First National, Mason said. Our goal is to create a sustainable future for all of our constituencies, so we can bring the greatest possible value to our stakeholders and our shareholders.
First National Bank of the South looks forward to fulfilling commitments it has made to its customers, shareholders, and government agencies to improve the safety and security of its operations and capital activities, Adams said. Mason will work with the Board to help fulfill those commitments, particularly in raising capital and improving the quality of First National’s loan portfolio.
Adams also recognized Calvert for his work for First National: The Company appreciates the dedicated work and loyalty of Jerry Calvert since its founding 10 years ago. During coming months, Jerry will provide continuity to help speed the transition of the new CEO.
A native of Spartanburg, Mason, 49, is a member of the Spartanburg Chamber Board of Regents. Mason received his B.A. degree in economics and was a four-year letterman in football at Wofford College. He attended the Advanced Commercial Credit/Lending School for executives in leadership lending roles. He and his wife of 25 years, Cathy Toms Mason, have four children and live in Spartanburg.
About First National Bank of the South
First National Bancshares, Inc. (Nasdaq:FNSC) is an $835-million asset bank holding company, based in Spartanburg, South Carolina. It provides a wide range of financial services to consumer and commercial customers through its wholly owned banking subsidiary, First National Bank of the South, which has 13 full-service branches in six South Carolina counties. First National Bank of the South was incorporated in 1999 to conduct general banking business through its wholly owned bank subsidiary, First National Bank of the South. Additional information about First National is available online at www.fnbwecandothat.com.
