Southern First Bancshares names new Chief Credit Officer

GREENVILLE, S.C. - Southern First Bancshares, Inc. (NASDAQ: SFST), the parent company of Southern First Bank, with a market capitalization of $252 million, has announced the promotion of Wes Wilbanks to the position of Chief Credit Officer and Executive Vice President. This strategic appointment comes as the company continues to focus on growth and risk management within its loan portfolio. According to InvestingPro data, the bank has maintained profitability over the last twelve months, with revenue growing at 8.1%.

Wilbanks, a banking industry veteran with 25 years of experience, joined Southern First in 2021 as Senior Credit Risk Officer. His background includes a significant tenure in senior credit roles at a regional bank, as well as a foundation in relationship management. Wilbanks' education credentials include the South Carolina Bankers School and the LSU Graduate School of Banking.

Art Seaver, Chief Executive Officer of Southern First, expressed confidence in Wilbanks' abilities to contribute to the company's objectives, stating, "Wes has been an effective and dedicated leader to our credit team in his tenure, and we are excited to have him step into this new role to create additional positive impact on our company."

Southern First Bancshares, headquartered in Greenville, South Carolina, stands as the second-largest bank based in the state, with a history dating back to 1999. Operating across multiple regions, including South Carolina, North Carolina, and Georgia, the company boasts consolidated assets of around $4.1 billion. InvestingPro analysis indicates the bank maintains a fair overall financial health score, with particularly strong performance in relative value metrics. Southern First Bank serves its clients through 13 locations, with its common stock traded on The NASDAQ Global Market under the ticker "SFST," currently trading near its Fair Value according to InvestingPro's proprietary analysis.

The promotion of Wilbanks aligns with Southern First's commitment to maintaining a strong leadership team that supports the bank's service-oriented approach toward its clients. This move is expected to bolster the company's strategic direction in managing credit risk and fostering relationship growth.

This executive shift is based on a press release statement and reflects Southern First Bancshares' ongoing efforts to strengthen its executive team and uphold its service standards in the competitive banking industry. The bank's stock has shown resilience with a 20.7% return over the past year, despite a year-to-date decline of 18.3%. For deeper insights into Southern First Bancshares' financial health and additional ProTips, visit InvestingPro.

In other recent news, Southern First Bancshares announced the upcoming departure of its Chief Risk Officer, William M. Aiken III, effective March 31, 2025. Aiken, who has been with the company since 2020, played a significant role in shaping the company's risk management strategies. The company has not yet announced a successor for the Chief Risk Officer position. Additionally, Southern First Bancshares has updated its 2020 Equity Incentive Plan. The Board of Directors approved changes to streamline the process of awarding restricted stock units, delegating authority to certain executives to grant these awards. This amendment, effective January 21, 2025, aims to enhance the company's ability to attract and retain talent in the competitive banking industry. The changes have been filed with the SEC, providing transparency into Southern First Bancshares' executive compensation practices and governance. These developments reflect the company's ongoing efforts to align employee interests with those of its shareholders.

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