A mix of clouds and sun this morning followed by increasing clouds with showers developing this afternoon. High 68F. Winds light and variable. Chance of rain 60%..
Rain. Low 56F. Winds light and variable. Chance of rain 100%. Rainfall may reach one inch. Locally heavy rainfall possible.
Updated: January 29, 2023 @ 10:57 am
The Bank of South Carolina opened its doors in 1987. File/Provided
Fleetwood Hassell is retiring as CEO of The Bank of South Carolina. File/Provided
Our newsletter catches you up with all the business stories that are shaping Charleston and South Carolina every Monday and Thursday at noon. Get ahead with us – it’s free.
The Bank of South Carolina opened its doors in 1987. File/Provided
The oldest bank based in the Charleston region is preparing for just its third leadership change since it opened its doors on Meeting Street nearly 36 years ago.
The holding company of The Bank of South Carolina announced Jan. 26 that Fleetwood S. Hassell will retire as CEO and president effective Sept. 30 at age 64. He’ll continue to be a board member afterward.
Hassell will be succeeded by his longtime chief financial officer, Eugene H. Walpole IV, who will assume the top job on Oct. 1.
Fleetwood Hassell is retiring as CEO of The Bank of South Carolina. File/Provided
“Today’s announcement is the culmination of a well-planned and thorough process on the part of the board and Fleetwood to ensure experienced leadership continues for the company and the bank,” said Hugh C. Lane Jr., chairman of the parent company and the community lender’s first CEO. “I have worked with Fleetwood his entire career and appreciate the contributions he has made to our employees, customers and shareholders. Fleetwood will remain on the board of directors, but his daily presence at the bank will be missed.”
Hassell succeeded Lane as chief executive officer in 2012. He started with the bank in 1986, while it was still being organized.
Walpole, who’s 38 and a graduate of Presbyterian College and the University of South Carolina’s Moore School of Business, has been with the publicly traded lender since 2012. He was promoted to executive vice president and CFO four years later and become a board member in 2018.
Hassel said his newly named replacement “has played a significant role in the execution of our strategic plan.”
“I am confident he will provide sound leadership … that will allow for our continued growth and success,” he said.
Walpole’s successor has not been named.
Known for its conservative approach, the Bank of South Carolina opened for business in February 1987. It recently reported its fourth most profitable year to date, with earnings of $6.65 million for 2022.
“Maintaining safe and sound banking practices with consistent lending in this new interest rate environment along with excellent management of operating expenses has resulted in another solid year,” Hassell said.
The Bank of South Carolina has five branches in the Charleston area, with the sixth on the way this year. The next retail office is expected to open by June 30 at 1730 Maybank Highway on James Island.
Shares of “BKSC” trade on the Nasdaq exchange. The stock closed up 1.5 percent to $16.26 on Thursday.
Contact John McDermott at 843-937-5572 or follow him on Twitter at @byjohnmcdermott
The Post and Courier
148 Williman Street
Charleston, SC 29403
Phone: 843-577-7111
News tips/online questions: newstips@postandcourier.com
Delivery/subscription questions: subserve@postandcourier.com
, Post and Courier, an Evening Post Publishing Newspaper Group. All rights reserved.
source
