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Greenville Business Magazine

The Business Narrative: Bank Merger OK'd

May 23, 2024 10:14AM ● By Donna Walker

Shareholders of Dogwood State Bank, Community First Bancorporation Approve Merger

At separate shareholder meetings, shareholders of Dogwood State Bank (OTC: DSBX) and Community First Bancorporation (OTC: CFOK), the parent holding company of Community First Bank, Inc., approved the previously announced merger of Community First with and into Dogwood.


The parties expect the merger to close early in the third quarter of 2024, subject to satisfaction of customary closing conditions, including the receipt of all required regulatory approvals.


Based on financial information as of March 31, 2024, the combined company would have approximately $2.13 billion in assets, $1.80 billion in deposits and $1.66 billion in loans.


"We are excited to receive approval from Dogwood and Community First shareholders," said Steve Jones, CEO of Raleigh, North Carolina-based Dogwood. "The strong showing of support from our combined shareholders highlights their confidence in the strategic direction and the significant opportunities this merger will create."


Jones added, "Together, we will be better positioned to deliver long-term value and enhance our competitive edge in the market.”


Richard Burleson, president and CEO of Seneca, South Carolina-based Community First, said, "We are excited to be joining Dogwood. We have been collaborating closely with one another to unify our two teams, and my belief is that we share a common culture, values, and approach to serving our customers and communities."


Burleson added, "Our combination will allow us to continue growing our customer base in the markets we serve and will allow our customers to benefit with expanded products and services. The synergies that exist between our companies will result in an even more capable and profitable company together."


Dogwood State Bank is a North Carolina state-chartered community with approximately $1.45 billion in total assets. The organization provides a range of banking products and services through its online offerings and branch offices throughout North Carolina.


Community First Bancorporation is a multi-state bank holding company with total assets of approximately $684 million.


The organization maintains seven full-service financial centers in South Carolina, three in North Carolina, and two in Tennessee.


The company offers a variety of services including credit cards, business and personal loans, business and personal deposit products and savings accounts. 

Allegiance Flag Supply Expands Charleston County Operations

Allegiance Flag Supplya producer of American flags, announced the expansion of its Charleston County operations.


The company’s $6.3 million investment will create 84 jobs, according to Gov. Henry McMaster’s office.


Founded in Charleston in 2018, Allegiance Flag Supply produces hand-sewn flags using locally sourced materials.


The company makes over 1,000 American flags each day and distributes to customers in all 50 states.


Allegiance Flag Supply recently expanded into a new 24,000-square-foot building located at 7600 Southrail Road in North Charleston.


The facility will house all of the company’s manufacturing and distribution operations.


Operations are online. Those interested in joining Allegiance Flag Supply should go to the company’s careers page.

ServisFirst Bank Breaks Ground on New Office in Summerville, South Carolina

ServisFirst Bank, a subsidiary of ServisFirst Bancshares (NYSE:SFBS), broke ground for its new office in Summerville, South Carolina.


The new office space will hold 10 employees and feature a drive-thru and night deposit with ATM. The groundbreaking took place on May 16, 2024.


“Today’s groundbreaking marks an exciting milestone for ServisFirst Bank in Summerville,” said Tom Trouche, regional president and CEO of ServisFirst Bank South Carolina. “We’re thrilled to introduce this new office, deepening our roots within the community and continuing to provide unparalleled financial solutions.”


The new office will be located at 319 North Cedar Street, Summerville, South Carolina, 29483, and is estimated to open in early 2025.


The existing office, at 100 South Main Street, Suite I, Summerville, South Carolina, 29483, will maintain regular operations until the completion of the new building.


This is ServisFirst Bank’s second location in South Carolina, alongside an existing office in Charleston.


ServisFirst Bank is a full-service commercial bank focused on commercial banking, correspondent banking, treasury management, private banking and the professional consumer market, emphasizing competitive products, state-of-the-art technology and a focus on quality service.


Recently, the bank said its assets exceed $16 billion.


ServisFirst Bank was formed in May 2005, and has offices in Atlanta, Birmingham, Charleston, Dothan, Huntsville, Mobile, Montgomery, North Carolina, Northwest Florida, Tennessee, Virginia Beach, and West Central Florida.


In April 2015, and annually thereafter, ServisFirst Bank has earned investment-grade ratings and a stable outlook from Kroll Bond Rating Agency (KBRA), which measures companies’ financial fundamentals.

Year-Round Tax Planning Pointers

Here are some simple things from the Internal Revenue Service that taxpayers can do throughout the year to make filing season less stressful.


Organize tax records. Create a system that keeps all important information together. Taxpayers can use a software program for electronic recordkeeping or store paper documents in clearly labeled folders. They should add tax records to their files as they receive them. Organized records will make tax return preparation easier and may help taxpayers discover overlooked deductions or credits.


Identify filing status. A taxpayer's filing status determines their filing requirements, standard deduction, eligibility for certain credits and the correct amount of tax they should pay. If more than one filing status applies to a taxpayer, they can get help choosing the best one for their tax situation with the IRS’s Interactive Tax Assistant, What Is My Filing Status. Changes in family life — marriage, divorce, birth and death — may affect a person's tax situation, including their filing status and eligibility for certain tax credits and deductions.


Understand adjusted gross income (AGI). AGI and tax rate are important factors in figuring taxes. AGI is the taxpayer's income from all sources minus any adjustments. Generally, the higher a taxpayer's AGI, the higher their tax rate and the more tax they pay. Tax planning can include making changes during the year that lower a taxpayer's AGI.


Check withholding. Since federal taxes operate on a pay-as-you-go basis, taxpayers need to pay most of their tax as they earn income. Taxpayers should check that they're withholding enough from their pay to cover their taxes owed, especially if their personal or financial situations change during the year. To check withholding, taxpayers can use the IRS Withholding Estimator. If they want to change their tax withholding, taxpayers should provide their employer with an updated Form W-4.


Make address and name changes. Taxpayers should notify the United States Postal Service, employers and the IRS of any address change. To officially change a mailing address with the IRS, taxpayers must compete Form 8822, Change of Address, and mail it to the correct address for their area. For detailed instructions, see page 2 of the form. Report any name change to the Social Security Administration. Making these changes as soon as possible will help make filing their tax return easier.


Save for retirement. Saving for retirement can also lower a taxpayer's AGI. Certain contributions to a retirement plan at work and to a traditional IRA may also reduce taxable income.

Allow us to tell your company's Business Narrative. Send your press release to David Dykes or for more information email [email protected]