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GREENVILLE, SC – Southern First Bancshares, Inc. (NASDAQ:SFST), a prominent player in the national commercial banking sector with a market capitalization of $268 million, announced today the upcoming departure of its Chief Risk Officer (CRO), William M. Aiken III. After fulfilling various roles within the company since 2020, Mr. Aiken will officially resign from his position effective March 31, 2025. According to InvestingPro data, the company currently trades at a P/E ratio of 16.9x and is currently trading near its Fair Value.
William M. Aiken III has been an integral part of Southern First Bancshares, contributing to the company’s risk management strategies during a period when the bank maintained a solid debt-to-equity ratio of 0.87. His tenure as CRO began in 2021, following his role as an executive credit risk officer starting in 2020. With over 25 years of experience in the banking industry, Aiken has held several significant roles, including chief commercial credit officer and senior commercial loan administrator at SouthState Bank before joining Southern First.
Art Seaver, Southern First Bancshares’ CEO, expressed gratitude for Aiken’s contributions and leadership, acknowledging the strong team built during his time with the company. While the announcement marks a significant change within the executive team, Seaver conveyed best wishes for Aiken’s future endeavors and highlighted the continued friendship beyond his departure.
Mr. Aiken reciprocated the sentiment, stating his pride in the accomplishments achieved during his time with Southern First and expressing his mixed emotions about leaving the exceptional team he has worked with. He remains optimistic about the company’s strong future prospects.
The news comes as Southern First Bancshares continues to navigate the competitive landscape of national commercial banking, maintaining profitability with a return on equity of 5% and revenue growth of 8.1% over the last twelve months. InvestingPro subscribers can access additional insights, including 6 more key tips about the company’s financial health and growth prospects. The company has not yet announced a successor for the Chief Risk Officer position.
This announcement is based on a press release statement and reflects the company’s commitment to timely disclosure of key executive movements as required by SEC regulations. As the company prepares for this transition, stakeholders will be looking forward to understanding the impact of this change on the company’s strategic direction and risk management policies.
In other recent news, Southern First Bancshares, Inc. has announced an amendment to its 2020 Equity Incentive Plan. The Board of Directors has approved changes that streamline the administrative requirements for awarding restricted stock units and has delegated authority to certain executives to grant equity awards. This amendment, which will take effect on January 21, 2025, aims to enhance the company’s ability to attract, retain, and motivate employees by allowing more flexibility in granting these awards. The amendment and the form of the Restricted Stock Unit Grant Notice have been filed with the SEC and are available for investors seeking detailed information. This strategic move is part of Southern First Bancshares’ efforts to align employee interests with those of shareholders. The company’s actions reflect its ongoing commitment to effective corporate governance and long-term value creation for stakeholders. These developments are part of Southern First Bancshares’ broader strategy in the competitive banking industry.
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