Business News

TCB Corporation and Greenwood Capital, LLC Form Strategic Partnership

2008-07-15 09:37:00

    Alliance Combines World-Class Independent Investment Expertise with

                      Community Bank Personal Service

    GREENWOOD, S.C., July 15 /EMWNews/ -- TCB Corporation, the holding

company for Countybank, Countybank Trust Services, Countybanc Insurance,

Inc. and Countybanc Investment Services, Inc, announced today it is

acquiring a majority interest in Greenwood Capital, LLC, a registered

investment advisory firm located in Greenwood. The partnership now links

Countybank and Greenwood Capital clients with an expanded, more integrated

approach to meeting their financial needs, including access to diversified

investment options, proven investment managers and styles.

    The union between both locally-owned Countybank and Greenwood Capital

will provide high net worth individuals, business owners, endowments and

foundations with strategic, in-depth investment advisory experience

combined with the personal, high-touch feel of a 75 years strong community

bank. Clients will also have access to the in-house diversified expertise

of Certified Financial Planners, insurance professionals, mortgage bankers,

a dedicated trust services department, and lifestyle-enhancing banking

products to best execute their financial plans.

    Greenwood Capital will continue operations as an independent subsidiary

of TCB Corp. The combined entity now has more than $1.1 billion in assets

managed or administered and is one of the largest independent investment

advisory firms in South Carolina.

    "We have always enjoyed a close working relationship with Greenwood

Capital, frequently serving as trustee or custodian for many of their

clients," said TCB Corporation President and CEO R. Thornwell Dunlap, III,

who billed the acquisition as a 'natural extension of a partnership of

equals with complementary skill sets.' "Our combined organizations can meet

all the financial needs of individual or institutional investors through

more than 150 years of aggregate investment and related experience. Clients

can also be assured that they are dealing with strong, financially sound

firms that have assembled a world-class team of professionals to help them

grow, protect and pass along their wealth in ways that are aligned with

their individual objectives."

    J. Philip Bell, President of Greenwood Capital concurred: "Greenwood

Capital has successfully managed proprietary equity and fixed-income

products for clients of Countybank and many others nationwide. Now we are

positioned to offer a broader spectrum of proven investment choices to all

our clients by combining the tools and experience of our two

organizations." Bell continued: "This powerful combination positions us as

one of the premier money managers in the Southeast."

    About Countybank

    Founded in 1933 to serve the Greenwood community, Countybank is a full

service, integrated financial services provider with more than one hundred

employees serving South Carolina with four full-service locations in

Greenwood and Greenville and an insurance office in Lexington. In addition

to a full array of banking products, Countybank has several divisions

including Countybank Trust Services, Countybank Mortgage Services,

Countybanc Investment Services, Inc., and Countybanc Insurance, Inc., to

meet the needs of South Carolina communities. Each division is staffed by

the area's most sought- after professionals in their respective fields to

provide customers with the tools to achieve their financial goals.

    About Greenwood Capital Associates, LLC

    The roots of Greenwood Capital date back to 1960 as the Investment

Department of Greenwood Mills, Inc., a national textile firm headquartered

in Greenwood, South Carolina. Greenwood Capital Associates, Inc. (GCAI)

became a separate company in 1983. In 2001 Greenwood Capital Associates,

LLC acquired substantially all the assets of GCAI, in conjunction with the

"lift-out" of a principal. Today, Greenwood Capital is a nationally

recognized investment advisory firm offering proprietary equity and

fixed-income funds, as well as customized portfolio solutions to some of

the world's largest institutional and high net worth individual investors

and employee benefit plans. Greenwood Capital has offices in Greenwood and

Greenville, South Carolina.

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