SOUTH CAROLINA CHAMBER OF COMMERCE AGAIN NAMES COASTALSTATES BANK ONE OF THE STATE’S
FASTEST-GROWING COMPANIES

HILTON HEAD ISLAND, SC, November 30, 2007 — For the second consecutive year, Beaufort County-based CoastalStates Bank has been named one of the state’s top-performing companies by the South Carolina Chamber of Commerce.

            The locally owned and operated bank came in sixteenth among a list of 25 winners of the South Carolina’s Fastest-Growing Companies 2007 Awards program, representing a wide cross section of industries and business categories, including manufacturing, e-commerce, technology, real estate, retail, merchandising and healthcare. Founded on Hilton Head Island in 2004, earlier this year the bank expanded its state-wide presence with the acquisition of Homeowners Mortgage Enterprises, Inc. of Columbia, SC.

            Notably, CoastalStates Bank was the second ranked of only four financial institutions to be named to the state’s Top 25 in the 2007 awards program. 

            And it is again this year the only privately or publicly owned company in Beaufort County to be honored for its achievement and contribution to the Palmetto state’s economy. 

            “It was great to be on the Top 25 list last year, and its great to be back again in 2007,” said CoastalStates Bank Chairman and CEO Randy Dolyniuk.  “Clearly, our formula of local service and specially tailored local products in support of the needs of the local marketplace is a winning one.”  

            Although founded a little more than three years ago, the bank’s growth has been startling not only in the state but also in Beaufort County.  As of June 30, 2007, CoastalStates Bank had the largest increase of any Beaufort County bank, seeing its market share rise to 11.62 percent from 8.56 percent.  That jump made CoastalStates bank the third largest bank in the area market in terms of deposits, trailing only Wachovia and Bank of America, according to Federal Deposit Insurance Corporation data.

            In addition to its main banking office at 5 Bow Circle, CoastalStates has a second branch at 98 Main Street, a temporary office at 167 Bluffton Rd., Suite H in Bluffton and a Sun City office at 16 William Pope Drive.  In addition to the 98 Main Street location, CoastalStates Bank mortgage operations are also at 18 and 22 New Orleans Road, 167 Bluffton Rd., Suite H in Bluffton and at 832-A Paris Avenue in Port Royal.  Earlier this year CoastalStates Bank acquired Homeowners Mortgage Enterprises of Columbia, SC with offices in Columbia, Greer and Charleston.  

The South Carolina’s Fastest Growing Companies sm 2007 award was presented to CSB executives at the South Carolina Chamber’s Annual Summit luncheon held earlier this month in Myrtle Beach. Co-sponsored by the Greenville, SC based accounting firm of Elliot Davis, LLC, the program recognizes exceptional businesses from across the state. 

             “I am proud to be a part of a program that celebrates such an outstanding group of entrepreneurs and business owners,” said S. Hunter Howard Jr., president and chief executive officer of program co-sponsor South Carolina Chamber of Commerce. It is so important to the growth of our state that we continue to have companies that persevere through all kinds of economic weather and who continue to rise to the top. The continued growth of these middle market companies is vital to the continued prosperity and success of South Carolina.”

            Nominations for the awardwere accepted between March and May 2007.  Participation was open to public and private non-governmental entities representing any business or industry sector provided they met the following criteria: (a) headquartered in South Carolina; (b) in operation for at least two full fiscal years; and (c) reported revenues of at least $3 million ($50 million in assets for financial institutions) in the most recent reported year.

                Rankings were determined by using information submitted for the two most recently completed fiscal years at the time of nomination, and were based on a weighted equation factoring in growth in revenues or assets and increases in employment.

                CoastalStates Bank is owned by local shareholders and run by some of the area’s most successful banking professionals. It offers a full line of state-of-the-art financial products and services with the personal care found only at a bank operated by friend and neighbors. Along with a variety of personal and business checking accounts, high-yielding investment products, mortgage and business loans and home equity lines, CoastalStates’ services include 24-hour telephone account access and online banking. For more information on CoastalStates Bank, call 341-9900 or toll-free 1-888-RING-CSB (1-888-746-4272).