This bank holding company has been getting a lot of volume and attention since mid February. A slight upturn in stock prices as well as winning an award from Greenwich Associates for excellent small business banking practices peaked investor interest. This stock has only gone higher since then, living well up to the standards expected of an award winning company. This stock had a clear path, going up and up for a while and hitting a good high of over $1.00 earlier yesterday.
This company, specializing in small businesses, middle market companies and retail customers is located in the Carolinas and Florida. Much like microlending institutions or the now very popular WikiLoan, this company sees its success not from large corporations, but from smaller contributing customers. Some claim that banks under The South Financial Group (TSFG) have survived the recession and done well due to this fact.
TSFG is continuing its momentum by introducing an interim President for their banks in North and South Carolina. Previously the Executive Vice President, Director of Bank Strategy and Business Segment Performance for TSFG, Christopher S. Gompper will be taking hold of Carolina First, the banking arm in the Carolinas. by the CEO, Lynn Harton, saying his skills will always place him among the top.
Christopher Gompper will be looking to make several things top priority since being named Interim President. He is looking to improve the bank’s credit, product pricing and operational efficiency, after which he will be aiming for growth. This strategy, which he claims is opposite of usual, will spurn on growth further down the line if it is successful.
With the help of their recent restructuring, the next quarters should tell how quickly TSFG will grow and come out of their debts. As hype of this stock dies down in the near future, don’t forget that news of losses may become a thing of the past for TSFG, and when that happens we’ll see another explosion in stock prices.