DOCSLIB.ORG

SFGR-20037 03 INSIDE Revised

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
SFGR-20037 03 INSIDE Revised 20032003 AnnAnnualual ReportReport CORPORATE TABLE Profile of Contents The South Financial Group, headquartered in Corporate Profile . Inside front cover Greenville, South Carolina, is a financial holding Financial Highlights . 1 company focused on fast-growing banking markets Message to Our Shareholders . 2 in the Southeast. Founded in 1986, it now has approximately $10.7 billion in total assets and Questions and Answers . 6 134 branch offices in South Carolina, North Carolina Focus. Discipline. Execution. 8 and Florida. The South Financial Group operates Condensed Consolidated Balance Sheets . 14 through two subsidiary banks: Condensed Consolidated Income Statements . 15 • Carolina First Bank, the largest South Carolina- Selected Financial Data . 16 headquartered commercial bank, operates in Leadership . 20 South Carolina, North Carolina and on the Internet Boards of Directors . 22 under the brand name, Bank CaroLine, and Markets . 24 • Mercantile Bank, principally serving Jacksonville, Shareholder Summary . 26 Orlando and Tampa Bay, Florida. Company Information . Inside back cover The South Financial Group uses a super-community bank strategy serving small and middle market businesses and retail consumers by offering a full range of financial services, including cash management, investments, insurance and trust services. Its common stock trades on The Nasdaq Stock Market under the symbol TSFG. SUMMARY Annual Report The 2003 Annual Report is presented in a summary format intended to provide information in a concise, summarized manner that will be meaningful and useful to the widest range of readers. The audited financial statements and detailed analytical schedules are contained in The South Financial Group’s Annual Report on Form 10-K for the year ended December 31, 2003 filed with the Securities and Exchange Commission. FINANCIAL Highlights Total Revenue* $ ($ in millions) 400 ($ in thousands, except per share data) 350 2003 2002 % Change 300 EARNINGS AND DIVIDENDS Net interest income $ 272,591 $ 218,252 25 % 250 Noninterest income 95,490 59,640 60 200 Total revenue 368,081 277,892 32 150 Provision for loan losses 20,581 22,266 (8) Noninterest expenses, 100 excluding merger-related costs 202,043 156,176 29 50 Merger-related costs 5,127 6,664 n/m 0 Net income 95,058 59,158 61 03 02 01 Operating earnings (a) 89,232 63,500 41 00 99 Per share - diluted: 98 Net income $ 1.89 $ 1.38 37 * Net interest income plus noninterest income 5-year Compound Growth: 15% Operating earnings (a) 1.77 1.49 19 Cash dividends declared per share 0.57 0.50 14 RATIOS Earnings Per Share* $ Return on average assets 1.03 % 0.91 % (in dollars) 2.00 Return on average equity 13.40 11.89 Average balances: Assets $ 9,260,767 $ 6,497,607 43 % 1.50 Shareholders’ equity 709,139 497,341 43 AT YEAR END 1.00 Total assets $10,719,401 $ 7,941,010 35 % Loans held for investment 5,732,205 4,434,011 29 Securities 4,007,571 2,572,186 56 0.50 Shareholders’ equity 979,869 646,799 51 Book value per share $ 16.59 $ 13.66 21 0.00 Market price per share (Nasdaq) 27.75 20.66 34 03 02 ASSET QUALITY RATIOS 01 00 99 Nonperforming assets 1.06 % 1.67 % 98 Nonperforming assets, excluding * GAAP earnings per common share, diluted Rock Hill Bank & Trust Workout Loans (b) 0.72 1.03 5-year Compound Growth: 17% Net loan charge-offs 0.62 0.49 Net loan charge-offs, excluding Rock Hill Bank & Trust Workout Loans (b) 0.41 0.50 Average Assets $ ($ in billions) OPERATIONS DATA 10 Branch offices (c) 134 117 15 % ATMs 122 105 16 8 Employees (full-time equivalent) 1,918 1,700 13 6 Notes: 4 (a) See page 19 for a reconciliation of GAAP net income and operating earnings. (b) At December 31, 2003, Rock Hill Bank & Trust Workout Loans totaled $28.6 million with nonperforming assets of $19.6 million. 2 At December 31,2002, Rock Hill Bank & Trust Workout Loans totaled $72.4 million with nonperforming assets of $29.2 million. Net loan charge-offs for Rock Hill Bank & Trust Workout Loans totaled $10.3 million and a recovery of $(367,000) for 2003 and 2002, respectively. 0 03 (c) Excludes one branch office for Community National Bank of Pulaski, Virginia, which TSFG acquired as part of its MountainBank 02 01 Financial Corporation acquisition. On February 3, 2004, TSFG entered into a definitive asset sale agreement to sell substantially 00 99 all of Community National Bank’s assets and liabilities. 98 5-year Compound Growth: 20% 1 Focus. Discipline. Execution. At The South Financial Group, we’ve put our strategic plan into motion. Going forward, we’re focused on executing that plan, increasing profitability and bringing the highest possible value to our Shareholders... The year 2003 was the best year in the history of Focus, discipline and execution produced results The South Financial Group. We delivered another year throughout 2003. Here are some of the highlights: of record earnings. As promised, we achieved double- Loans and transaction deposits grew at double-digit digit growth in revenues, loans and deposits. We increased rates. While we operate in thriving markets, The South our returns to shareholders. However, as proud as I am of Financial Group is actually growing faster than the what The South Financial Group achieved in 2003, I’m markets themselves. More importantly, Carolina First and even more proud of how we did it. We focused on what we Mercantile Bank are taking market share from competitors. needed to accomplish. We maintained our discipline. And we put the right team of professionals in place to execute Key credit quality measures continued to show our strategic plans. improvement. Both our nonperforming asset ratio and charge-off ratio declined in 2003. We are very close to For our first fourteen years, The South Financial resolving the Rock Hill Bank & Trust workout loans; Group emphasized strategic growth and expansion, only $29 million remains in the portfolio, representing focusing on the most attractive banking markets in the less than one half of 1% of our total loans. Southeast. We have created an impressive geographic footprint in the region. Three years ago, we shifted that Elevate sales process made impressive inroads. focus to profitability. Consequently, we developed a Our Elevate sales process did what it was designed to do: strategic plan that balanced profitability and growth, increase the number of products per household. By year’s and concentrated on creating value for our shareholders. end, we met our goal of 3.5 products per household With a disciplined management team in place to execute (excluding the recently acquired MountainBank this plan, we are witnessing the results of that focus operations), and we significantly increased our overall and discipline. number of households, up 25% for the year. This For 2003, net income increased 61% over 2002 to represents a solid foundation for future improvement. $95.1 million. For eleven consecutive quarters, operating We expanded and strengthened our geographic EPS has increased. Over this eleven quarter period, our franchise. While our focus remains on profitability, we operating earnings per share have increased at an expanded our footprint in Western North Carolina with annualized rate of 37%. our acquisition of MountainBank. And in January, we In 2003, TSFG’s total return to shareholders was announced an agreement to acquire CNB Florida 37%, making 2003 a rewarding year for our shareholders. Bancshares. Upon completion of this merger, we will have Over the past three years, TSFG’s annualized total return 50 branches and over $3 billion in assets in Florida. to shareholders has exceeded 30%, outperforming most bank and stock market indexes. 2 Corporate Headquarters, Greenville, SC 7:43 a.m. The year 2003 was one of dramatic progress for The South Financial Group. The successes of the past year have given us a great deal of confidence in our long-term growth potential. We have talented, “experienced professionals in place. We operate in superior banking markets. We are focused on our goals. We have the discipline to stick to our plans and execute them successfully. In short, we are prepared for the future right now.” Mack I. Whittle, Jr. President and Chief Executive Officer Mack I. Whittle, Jr., a founder of the company in 1986, has led The South Financial Group since its inception. In the past seventeen years, The South Financial Group has grown from a local, start-up bank to a regional super- community bank with $10.7 billion in assets. Under his guidance, The South Financial Group has remained true to its mission to “take banking personally.” Focus. Discipline. Execution. Cash Dividends Declared Cash dividends have increased every year since initiation, for an average of 15%* a year over the past 10 years. $ 0.60 0.50 0.40 0.30 0.20 0.10 0.00 94 95 96 97 98 99 00 01 02 03 * Adjusted for stock dividends 3-Year Return Successful equity offering raised $161 million in new (annualized) % capital. The infusion of new capital in 2003 created a 35 Total Market Returns* tangible equity to tangible asset ratio exceeding 6%. An investment made in TSFG 30 stock on December 31, 2000 This laid the foundation for profitable expansion with would have more than 25 doubled three years later. solid capital levels. Additionally, Carolina First Bank 20 received an “investment grade” rating from Moody’s, TSFG Common Stock 15 enhancing our ability to borrow at reasonable rates. S&P 500 Banks Index 10 Setting three-year goals focused our team. In 2001, S&P Small Cap 600 5 we set strategic, three-year goals. During this three-year S&P 500 0 period, we completed four strategic acquisitions and a * Assumes dividend reinvestment very successful equity offering.
Load more

Recommended publications
  • 2011 Annual Report, Boards of Directors and Advisory Councils
    THE FEDERAL RESERVE BANK OF RICHMOND | 2011 ANNUAL REPORT BOARDS OF DIRECTORS, ADVISORY COUNCILS, AND OFFICERS 32 Federal Reserve Bank of Richmond Community Depository Institutions Board of Directors Advisory Council The Bank’s board of directors oversees the management Created in 2011, the Bank’s Community Depository of the Bank and its FifthD istrict offices, provides timely Institutions Advisory Council advises the Bank’s man- business and economic information, participates in the agement and the Board of Governors on the economy, formulation of national monetary and credit policies, lending conditions, and other issues from the perspec- and serves as a link between the Federal Reserve System tive of banks, thrifts, and credit unions with total and the private sector. The board also appoints the assets under $10 billion. The council’s members are Bank’s president and first vice president, with approval appointed by the Bank’s president. from the Federal Reserve Board of Governors. Six directors are elected by banks in the Fifth District that Community Investment Council are members of the Federal Reserve System, and three Established in 2011, the Community Investment are appointed by the Board of Governors. Council advises the Bank’s management about emerg- ing issues and trends in communities across the Fifth The Bank’s board of directors annually appoints the Fifth District, including low- and moderate-income neigh- District’s representative to the Federal Advisory Council, borhoods in urban and rural areas. The council’s which consists of one member from each of the 12 members are appointed by the Bank’s president.
    [Show full text]
  • TD Bank Agrees to Acquire the South Financial Group
    TD Bank Agrees to Acquire The South Financial Group May 17, 2010 CautionCaution regardingregarding forward-lookingforward-looking statementsstatements From time to time, the Bank makes written and oral forward-looking statements, including in this presentation, in other filings with Canadian regulators or the U.S. Securities and Exchange Commission (SEC), and in other communications. In addition, representatives of the Bank may make forward-looking statements orally to analysts, investors, the media and others. All such statements are made pursuant to the “safe harbour” provisions of applicable Canadian and U.S. securities laws, including the U.S. Private Securities Litigation Reform Act of 1995.Forward-looking statements include, among others, statements regarding the Bank’s objectives and priorities for 2010 and beyond and strategies to achieve them, and the Bank’s anticipated financial performance. Forward-looking statements are typically identified by words such as “will”, “should”, “believe”, “expect”, “anticipate”, “intend”, “estimate”, “plan”, “may” and “could”. By their very nature, these statements require the Bank to make assumptions and are subject to inherent risks and uncertainties, general and specific. Especially in light of the uncertainty related to the current financial, economic and regulatory environments, such risks and uncertainties – many of which are beyond the Bank’s control and the effects of which can be difficult to predict – may cause actual results to differ materially from the expectations expressed in the forward-looking statements. Risk factors that could cause such differences include: credit, market (including equity, commodity, foreign exchange and interest rate), liquidity, operational, reputational, insurance, strategic, regulatory, legal and other risks, all of which are discussed in the Management’s Discussion and Analysis (MD&A) in the Bank’s 2009 Annual Report.
    [Show full text]
  • NASDAQ Stock Market LLC (“Nasdaq Exchange”), a Subsidiary of the Nasdaq Stock Market, Inc
    July 31, 2006 Nancy M. Morris, Esq. Secretary US Securities and Exchange Commission 100 F Street, NE Washington, DC 20549 RE: Request for Relief from § 12 of the Securities Exchange Act of 1934 Dear Ms. Morris: On January 13, 2006, the Securities and Exchange Commission (“SEC” or “Commission”) approved the application of The NASDAQ Stock Market LLC (“Nasdaq Exchange”), a subsidiary of The Nasdaq Stock Market, Inc. (“Nasdaq”), to register under Section 6 of the Securities Exchange Act of 1934 (“Act” or “Exchange Act”) as a national securities exchange.1 Nasdaq’s transition of its listing and trading activities to the Nasdaq Exchange will further Congress’s instruction to promote “fair competition . between exchange markets.”2 Absent the relief requested herein, however, Nasdaq’s transition to a national securities exchange would require approximately 3,200 Nasdaq Global Market3 and Capital Market issuers with securities registered pursuant to the Act, or exempt from registration under Section 12(g) of the Act,4 to file registration statements5 to register those securities under Section 12(b) of the Act.6 1 Securities Exchange Act Release No. 53128 (January 13, 2006), 71 FR 3550 (January 23, 2006) (the “Exchange Approval Order”). 2 Exchange Act Section 11A(a)(1)(C)(ii). 3 Effective July 1, 2006, Nasdaq renamed the Nasdaq National Market as the Nasdaq Global Market and created a new segment within the Global Market called the Global Select Market. References to the Nasdaq Global Market include those securities listed on the Nasdaq Global Market and the Nasdaq Global Select Market. See Securities Exchange Act Release No.
    [Show full text]
  • Completion of the Acquisition of the South Financial Group, Inc
    TD Bank marks another important milestone in expansion of U.S. footprint Oct 1, 2010 CHERRY HILL, NJ and TORONTO, Oct. 1 /CNW/ - TD Bank Financial Group (TSX, NYSE: TD) (TDBFG) today announced the completion of the acquisition of The South Financial Group, Inc. (South Financial), marking a major milestone in the expansion of TD's U.S. footprint. "The closing of the South Financial transaction, coupled with the recent conversion of the Florida-based banks whose operations we purchased from the FDIC, strengthens our Maine-to-Florida footprint and will complement our organic growth focus," said Ed Clark, President and CEO, TDBFG. "With these acquisitions, we now have about 1,300 U.S. stores - a truly remarkable achievement, considering that we had no U.S. presence just six years ago." Clark added: "These transactions enhance our presence in the deposit-rich Florida market, offer an entry point into North and South Carolina and speak to our continued focus on growth. They are also an important step towards growing our earnings in the U.S." The Florida banks' operations purchased from the FDIC have already been converted to the TD platform. Upon the conversion of the South Financial franchise in 2011, TD Bank, America's Most Convenient Bank® (TD Bank), intends to introduce its brand, retail banking expertise and regional banking model across South Financial's footprint. "This is a great outcome for our customers and employees," said H. Lynn Harton, President and CEO, South Financial. "Combining the commercial banking expertise of South Financial with TD's customer- focused business model and personal banking success will allow us to further strengthen our position as a top North American bank." "With the South Financial transaction now closed, we're confident we can deepen our market share by offering an extensive suite of products, unparalleled convenience and legendary service to our customers in Florida and the Carolinas," said Bharat Masrani, President and CEO, TD Bank.
    [Show full text]
  • Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received
    Federal Reserve Release H.2 Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received No. 32 Week Ending August 9, 2003 Board of Governors of the Federal Reserve System, Washington, DC 20551 H.2 Board Actions August 3, 2003 to August 9, 2003 Bank Holding Companies Woori Finance Holdings Co., Ltd., Seoul, Korea, and Woori Bank -- to acquire Panasia Bank, National Association, Fort Lee, New Jersey. - Approved, August 4, 2003 Regulations And Policies Basel Capital Accord -- request for comment on interagency documents related to proposed implementation of the new Basel Capital Accord in the United States. - Announced, August 4, 2003 Disciplinary Actions against Accountants -- final interagency regulations on disciplinary actions against accountants who fail to meet certain professional standards (Docket No. R-1139). - Approved, July 25, 2003 (AC) Identity Theft -- request for comment on proposed interagency guidance that would require financial institutions to develop programs to respond to incidents of unauthorized access to customer information, including notification procedures under certain circumstances. - Approved, August 4, 2003 (AC) = Addition or Correction Board - Page 1 of 1 H.2 Actions under delegated authority August 3, 2003 to August 9, 2003 BS&R Banking Supervision and Regulation RBOPS Reserve Bank Operations and Payment Systems C&CA Consumer and Community Affairs IF International Finance FOMC Federal Open Market Committee OSDM Office of Staff Director for Management Bank Branches, Domestic Richmond Albemarle First Bank, Charlottesville, Virginia -- to establish a branch in the General Electric Fanuc Office Park at Route 29 North and Highway 606. - Approved, August 4, 2003 Atlanta AmSouth Bank, Birmingham, Alabama -- to establish a branch at 3242 Little Road, Trinity, Florida.
    [Show full text]
  • A Strategy Analysis of the “Big Five” Canadian Banks
    A Strategy Analysis Of The “Big Five” Canadian Banks Claudio Eggert APRJ-699 Word Count: 13,716 April 4, 2012 Dr. Conor Vibert ABSTRACT The Canadian banking industry is highly concentrated with the top five banks dominating the sector with a combined market share of over 85% of total assets. This study analyses the individual strategies of the five largest banks as well as their competitive positioning within the Canadian banking sector to get a better understanding of their strategic decisions made over the years and how effectively they have responded to changes in their business environment. The overarching predictions that guide this research are that the banks have comparable domestic but very different international strategies, and that the banks have well-defined strategic plans, which they implement successfully with the long-term goal of profit maximization. The literature reviewed to conduct this study consists of corporate strategy, strategy analysis and competitive analysis literature, which provides insight into a variety of frameworks and tools that are used to analyze the individual strategies of each bank as well as their operating environment. The basic strategic management framework utilized for this study consists of three steps: 1) perform industry analysis, 2) conduct business strategy analysis for each bank, and 3) evaluate strategies and present conclusion. Some of the more recognized frameworks applied in this study are Porter’s Five Forces of Competition and the SWOT analysis diagram. Additional sources consulted for this paper are the annual reports published by the banks over the past ten years as well as reports from the Department of Finance of Canada and the World Economic Forum, among several others.
    [Show full text]
  • Boards of Directors and Advisory Groups
    Boards of Directors, Advisory Groups, and Officers Federal Reserve Bank of Richmond Small Business and Agriculture Advisory Board of Directors Council Our Richmond Board oversees the management Established in 1985, the Small Business and of the Bank and its Fifth District offices, provides Agriculture Advisory Council advises the Bank timely business and economic information, president and other senior officers on the participates in the formulation of national impact that monetary, banking, and fiscal monetary and credit policies, and serves as a policies have on the District’s small business link between the Federal Reserve System and and agricultural sectors. The Council’s 12 the private sector. The Board also has the members are appointed by the Bank president. responsibility of appointing the Bank’s president and first vice president, with approval Community Development Advisory Council from the Federal Reserve Board of Governors. Created in 1998 to enhance communication Six directors are elected by banks in the Fifth between the Bank and the public concerning District that are members of the Federal community development issues, our Commu- Reserve System, and three are appointed by nity Development Advisory Council advises the the Board of Governors. Bank president and other senior officers on The Bank’s board of directors annually community development concerns and related appoints our District representative to the policy matters. The Council’s eight members are Federal Advisory Council, which consists of one appointed by the Bank president. member from each of the 12 Federal Reserve Districts.The Council meets four times a year Operations Advisory Committee with the Board of Governors to consult on The Operations Advisory Committee was business conditions and issues related to the established by the Bank in 1978 to serve banking industry.
    [Show full text]
  • 2007 South Financial Annual Report
    104 South Main Street / Poinsett Plaza, 10th Floor Greenville, South Carolina 29601 (864) 255-7900 2007 www.thesouthgroup.com Summary Annual Report Covers.indd 1 2/27/08 11:26:57 AM CORPORATE PROFILE COMPANY INFORMATION The South Financial Group, Inc. is the largest publicly-traded bank holding company headquartered in South Carolina and ranks among the top 50 U.S. commercial bank holding companies in total assets. CORPORATE HEADQUARTERS The Company focuses on attractive Southeastern banking markets with The South Financial Group long-term growth potential. TSFG operates Carolina First Bank, which 104 South Main Street conducts banking operations in North Carolina and South Carolina Poinsett Plaza, 10th Floor (as Carolina First Bank), in Florida (as Mercantile Bank), and on the Greenville, South Carolina 29601 Internet (as Bank CaroLine). (864) 255-7900 www.thesouthgroup.com Founded in 1986, The South Financial Group uses a super-community bank strategy, serving the needs of small business, middle-market CONTACT INFORMATION companies, and retail consumers by offering a full range of financial Customer Service services, including deposits and loans; treasury services and merchant For customers requesting assistance regarding processing; full-service brokerage and investments; business and personal accounts, products or services, please contact our insurance; trust and investment management; and wealth management and private banking. As a super-community bank, TSFG combines an Sales and Service Center by phone at (800) 476-6400 exceptional level of personalized customer service and local decision- (for NC and SC) or (800) 238-8681 (for FL) or by making, typical of community banks, with the full range of financial e-mail at [email protected].
    [Show full text]
  • News Release
    Note: All figures in US$ unless otherwise noted. TD Bank Financial Group to Acquire The South Financial Group - Transaction will add 176 new stores in the U.S. Southeast, including 66 stores in the deposit-rich Florida market - TD will enter North and South Carolina, further filling out Maine-to-Florida footprint - Transaction fits within TD’s risk framework CHERRY HILL, NJ /PORTLAND, ME and TORONTO, ONTARIO May 17, 2010 —TD Bank Financial Group Inc. (TSX and NYSE: TD) today announced that it has signed a definitive agreement with The South Financial Group Inc. (Nasdaq: TSFG), for TD to acquire 100% of the outstanding common shares of South Financial for approximately $61 million in cash or TD common stock. Common shareholders of South Financial will have the right to elect to receive either $0.28 in cash, or .004 shares of TD common stock, for each outstanding South Financial common share. In addition, immediately prior to completion of the transaction, the United States Department of the Treasury will sell to TD its $347 million of South Financial preferred stock and the associated warrant acquired under the Treasury’s Capital Purchase Program and discharge all accrued but unpaid dividends on that stock for total cash consideration of approximately $130.6 million. “This transaction represents another key milestone as we continue to build out our U.S. franchise. With the acquisition of South Financial, we’re gaining established commercial banking assets and a solid network of stores in attractive and growing markets within our Maine-to-Florida footprint,” said Ed Clark, President and CEO, TD Bank Financial Group.
    [Show full text]
  • TD Bank Financial Group Reports Third Quarter 2010 Results
    3rd Quarter 2010 • Report to Shareholders • Three and nine months ended July 31, 2010 TD Bank Financial Group Reports Third Quarter 2010 Results The financial information in this document is reported in Canadian dollars, and is based on our unaudited Interim Consolidated Financial Statements and related Notes prepared in accordance with Canadian generally accepted accounting principles (GAAP), unless otherwise noted. THIRD QUARTER FINANCIAL HIGHLIGHTS, compared with the third quarter a year ago: Reported diluted earnings per share were $1.29, compared with $1.01. Adjusted diluted earnings per share were $1.43, compared with $1.47. Reported net income was $1,177 million, compared with $912 million. Adjusted net income was $1,304 million, compared with $1,303 million. YEAR-TO-DATE FINANCIAL HIGHLIGHTS, nine months ended July 31, 2010, compared with the corresponding period a year ago: Reported diluted earnings per share were $4.03, compared with $2.35. Adjusted diluted earnings per share were $4.40, compared with $3.88. Reported net income was $3,650 million, compared with $2,110 million. Adjusted net income was $3,968 million, compared with $3,409 million. Adjusted measures are non-GAAP. Refer to the “How the Bank Reports” section of the Management’s Discussion and Analysis for an explanation of reported and adjusted results. Certain comparative amounts have been reclassified to conform to the current period’s presentation. Certain comparative amounts are presented after adjustments resulting from adoption of the 2009 financial instruments amendments, as described in Note 1 to the Interim Consolidated Financial Statements. THIRD QUARTER ADJUSTMENTS (ITEMS OF NOTE) The third quarter reported earnings figures included the following items of note: Amortization of intangibles of $117 million after tax (12 cents per share), compared with $122 million after tax (15 cents per share) in the third quarter last year.
    [Show full text]
  • Annual Rpt For
    2002 Annual Report MOMENTUM Corporate Profile Table of Contents The South Financial Group, headquartered in Corporate Profile . Inside front cover Greenville, South Carolina, is a financial holding Financial Highlights . 1 company focused on fast-growing markets in the Message to Our Shareholders . 2 Southeast. At December 31, 2002, The South Momentum: Financial Group had approximately $7.9 billion in total assets and 117 branch offices in South Carolina, Ascending Profitability . 6 North Carolina and Florida. The South Financial Focused Execution . 8 Group has two subsidiary banks: Dynamic Markets . 10 • Carolina First Bank, the largest South Carolina- Unwavering Values . 12 headquartered commercial bank, which operates in Selected Financial Information . 14 South Carolina, North Carolina and on the Internet Condensed Consolidated Balance Sheets . 18 under the brand name, Bank CaroLine, and Condensed Consolidated Income Statements . 19 • Mercantile Bank, which principally serves Leadership . 20 Jacksonville, Orlando and Tampa Bay, Florida. Advisory Board Members . 22 The South Financial Group uses a super community Locations . 23 bank strategy serving small and middle market Shareholder Summary . 24 businesses and retail consumers by offering a full range of financial services, including asset Company Information . Inside back cover management, investments, insurance and trust services. The common stock trades on The Nasdaq Stock Market under the symbol TSFG. In honor of Nap’s dedication and contributions to his community and to South Carolina. Thomas C. "Nap" Vandiver October 15, 1907 - April 11, 2002 About The Annual Report The 2002 Annual Report is presented in a summary format and is intended to provide information in a concise manner that will be meaningful and useful to the widest range of readers.
    [Show full text]
  • Approval of Proposal by Toronto-Dominion Bank
    - 1 - FEDERAL RESERVE BOARD The Toronto-Dominion Bank Toronto, Canada Order Approving the Acquisition of a Bank Holding Company The Toronto-Dominion Bank (“TD”) and its subsidiary bank holding companies, TD US P & C Holdings ULC (“TD ULC”), Calgary, Canada, and TD Bank US Holding Company (“TD Bank US HC”), Portland, Maine (collectively, “Applicants”), have requested the Board’s approval under section 3 of the Bank Holding Company Act (“BHC Act”)1 to acquire The South Financial Group, Inc. (“TSFG”) and its subsidiary bank, Carolina First Bank (“Carolina First”), both of Greenville, South Carolina.2 Notice of the proposal, affording interested persons an opportunity to submit comments, has been published (75 Federal Register 30,406 (2010)). The time for filing comments has expired, and the Board has considered the proposal and all comments received in light of the factors set forth in the BHC Act. TD, with total consolidated assets equivalent to $568 billion, is the second largest depository organization in Canada.3 TD operates a branch in New York City and an agency in Houston. Through TD Bank US HC, TD controls two subsidiary banks in the United States, TD Bank and TD Bank USA, National Association (“TD Bank USA”), Portland, Maine. TD Bank US HC, with total consolidated assets of $155 billion, is the 18th largest depository organization in the United States, controlling 1 12 U.S.C. § 1842. 2 TD, TD ULC, and TD Bank US HC are all financial holding companies within the meaning of the BHC Act. TD filed an application with the Office of the Comptroller of the Currency (“OCC”) on June 18, 2010, for approval under the Bank Merger Act (12 U.S.C.
    [Show full text]