New Century Bancorp Shareholders Elect Seven Members to Board of Directors
-- Directors were each elected to three-year terms.
-- Six members were re-elected and Watson G. Caviness joined the board.
-- New Century Bank serves nine communities through 10 locations.
DUNN, N.C., May 17 /PRNewswire-FirstCall/ -- At the annual shareholders' meeting of New Century Bancorp (Nasdaq: NCBC – the "Company"), shareholders re-elected six directors and named one new member to the corporate board of directors, announced William L. Hedgepeth II, president and CEO of both New Century Bancorp and New Century Bank. The board members, who will each serve three-year terms, are: Watson G. Caviness; J. Gary Ciccone; D. Ralph Huff III; Carlie C. McLamb; James H. Smith; C.L. Tart, Jr.; and, Ann H. Thornton.
"These directors bring a great deal of leadership and business experience, as well as knowledge of our Company and our communities, to their roles," Hedgepeth said. "We will all benefit from their input and participation."
Newly elected to the board of directors is Watson G. Caviness of Fayetteville, NC. Mr. Caviness was elected to replace Sidney Thompson, M.D., a founding director of New Century Bank of Fayetteville (which became New Century Bank South and then part of New Century Bank) and a member of the board of directors of New Century Bancorp from 2009 - 2010, who passed away in March.
Mr. Caviness also was a founding director of New Century Bank of Fayetteville and served on the New Century Bank South Region Advisory Board. He is president of Caviness & Cates Building and Development Company, president of Caviness Land Development Inc., and owner of Caviness & Cates Communities. A builder and land developer, he is a licensed NC General Contractor and has been in the construction business since 1995. He is a graduate of the University of North Carolina at Wilmington and a member of the National Association of Home Builders.
The six directors who were re-elected include:
J. Gary Ciccone has served as Chairman of the Board for New Century Bancorp since April 2008 and was a founding director of New Century Bank South, serving as chairman of the board from inception until the merger with New Century Bank. As a partner with Nimocks, Ciccone & Townsend in Fayetteville, he has extensive experience in real estate development and commercial real estate brokerage. He currently serves on the North Carolina Department of Transportation Board.
D. Ralph Huff III was a founding director of New Century Bank South and has served as a director for New Century Bancorp since 2008. He is chief executive officer and owner of H&H Homes, and co-owner of Coldwell Banker, Huff & Pennink, Advantage Real Estate Company in Fayetteville, and has extensive experience in the real estate and construction industries.
Carlie C. McLamb was a founding member of the New Century Bank board of directors and has served as a member of the New Century Bancorp board since inception. He currently serves as
chairman of the Nominating Committee of the board. As the founder and owner of Carlie C's IGA, a retail grocery store chain with 13 stores, he has invaluable experience in business operations and organization.
James H. Smith was a founding director of New Century Bank South and has served as a member of the New Century Bancorp Board of Directors since 2008. He is a partner in Southeastern Insurance Services and Highland Development Partners, LLC, in Fayetteville and has more than 20 years of experience in the insurance industry.
C.L. (Bozie) Tart was a founding director of New Century Bank and served as Chairman of the New Century Bank Board of Directors and subsequently the New Century Bancorp Board of Directors from 2000 to 2007. He currently serves as vice chairman of the Bancorp board. As president and chief executive officer of Tart & Tart Inc., of Dunn, Mr. Tart has a great deal of experience in local real estate and business matters.
Ann Thornton has served as a New Century Bank director since 2002 and as a member of the New Century Bancorp Board of Directors since 2009. She is the owner of Brightleaf of Sampson, A.G. Thornton Investments, and Thornton Ventures in Clinton, North Carolina. She is co-owner of North Elm Shopping Center, Hedgepeth Storage, and Celan Farms in Lumberton, North Carolina. A graduate of Wake Forest University, Ms. Thornton is active on the Sampson Regional Hospital Foundation Board, the Clinton Committee of 100, and the Clinton Development Corporation.
New Century Bancorp (Nasdaq: NCBC), the holding company for New Century Bank, reported total assets of $642.9 million as of March 31, 2010. New Century Bank is headquartered in Dunn and has branch offices in these North Carolina communities: Dunn, Clinton, Fayetteville, Goldsboro, Lillington, Lumberton, Pembroke, Raeford, and a loan production office in Greenville.
The information as of and for the year ended March 31, 2010, ended as presented is unaudited. This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, (i) statements regarding certain of our goals and expectations with respect to earnings, earnings per share, revenue, expenses and the growth rate in such items, as well as other measures of economic performance, including statements relating to estimates of credit quality trends, and (ii) statements preceded by, followed by or that include the words "may," "could," "should," "would," "believe," "anticipate," "estimate," "expect," "intend," "plan," "projects," "outlook" or similar expressions. The actual results might differ materially from those projected in the forward-looking statements for various reasons, including, but not limited to, our ability to manage growth, our limited operating history, substantial changes in financial markets, regulatory changes, changes in interest rates, loss of deposits and loan demand to other savings and financial institutions, and changes in real estate values and the real estate market. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Company's SEC filings, including its periodic reports under the Securities Exchange Act of 1934, as amended, copies of which are available upon request from the Company.
SOURCE New Century Bancorp
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