PrintPrintJerry Calvert, who has been president and CEO of Spartanburg-based First National Bancshares since it was founded 10 years ago, has voluntarily stepped down, the bank announced Tuesday. Calvert was replaced by J. Barry Mason, the former executive vice president and chief lending officer of Arthur State Bank in Union.
By Scott Miller
smiller@scbiznews.com
Published Aug. 26, 2009
Spartanburg-based First National Bancshares Inc. has hired a new president and CEO as it tries to improve capital ratios per an agreement with the Office of the Comptroller of the Currency.
Jerry Calvert (pictured), who has been the bank’s president and CEO since it was founded 10 years ago, voluntarily stepped down, the bank announced Tuesday. Calvert was unavailable for comment.
He was replaced by J. Barry Mason, the former executive vice president and chief lending officer of Arthur State Bank in Union. The bank’s board of directors voted Monday night to hire Mason.
“We determined that a change would be helpful in raising capital and moving forward toward the future,” said chairman Dan Adams, noting that Calvert will provide transitional assistance during the coming months in a nonexecutive role.
In addition, First National received an unspecified extension from the comptroller’s office to improve its capital position, Adams said. The original deadline passed Tuesday.
“As long as we’re making progress, they have recognized a willingness to work with us,” Adams said.
First National Bancshares, the holding company for First National Bank of the South, has suffered steep losses tied to coastal real estate loans. The bank has locations throughout the Upstate as well Charleston and Columbia.
In the first six months of the year, the bank’s nonperforming assets increased to $116.6 million, from $75.5 million at the end of the year and $12 million as of June 2008. Total assets are $835 million.
Most recently, the bank reported a $20 million loss for the second quarter.
In July, First National received approval from shareholders to increase its available common shares tenfold to 100 million. The bank’s board of directors continues to evaluate the details of a potential stock sale and will work with Mason to craft a plan.
“I’ve been here less than a full day. In all fairness, for me to sit here and make any comments about what I’ve determined would not be appropriate in my mind,” Mason (pictured) said Tuesday. “The obvious thing that is apparent is that this bank needs to raise capital. That is going to be our primary focus, along with greatly enhancing the overall understanding and participation of all of our people in the basics of banking — adequate capital, adequate liquidity, enhanced credit quality and an intensified concentration on our brand.”
Mason was part of the executive team at Arthur State Bancshares that helped grow the company from $88 million in assets, $25 million in loans outstanding and four branches in 1995 to $663 million in assets, a $548 million loan portfolio and 23 branches today.
He was also a member of the board of directors at Arthur State Bank. Mason, a Spartanburg native, previously was vice president and northern group commercial loan manager for American Federal Bank. He began his banking career as a branch manager and commercial loan officer for Citizens and Southern National Bank of South Carolina.
Mason, 49, is a member of the Spartanburg Chamber Board of Regents. He received his bachelor’s degree in economics and was a four-year letterman in football at Wofford College. He attended the Advanced Commercial Credit and Lending School for executives in leadership lending roles. He and his wife of 25 years, Cathy Toms Mason, have four children and live in Spartanburg.
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