UNION — 2018 got off to a great start for Arthur State Bank which recorded earnings of more than $1.1 million and saw its total assets grow to more than $510,000,000 as of the end of March.
In a statement released Tuesday, the bank reported that Arthur Financial Corporation and Arthur State Bank held its Annual Stockholders Meeting on May 21, 2018. The consolidated balance sheet of the corporation reflected Total Assets $493,444,494, an increase over 2016.”
The press release states that as of March 31 of this year, the bank’s “Total Assets were $510,305,037 and Net Income for the first quarter of 2018 was $1,134,124.” It states that “Arthur State Bank continues to demonstrate a positive return to shareholders and growth overall in products and services.”
The press release also states that the bank’s Board of Directors announced the following promotions during its annual meeting:
• J. Carlisle Oxner, III was promoted to Chairman of the Board and President.
With his promotion, Oxner, who was President and CEO of the bank at the time, succeeds his father, the late J. Carlisle Oxner, Jr.
• Daniel O. Cook, Jr. was promoted to Chief Executive Officer and CFO.
Cook was Executive Vice President and CFO at the time of his promotion.
The press release states that with his promotion, Oxner “becomes only the third (3rd) Chairman of the Board since its organization. Both Carlisle and Danny are committed to carrying on the tradition and philosophy that was started by General Harry M. Arthur (Carlisle’s grandfather) in 1933.”
Further emphasizing the bank’s local roots, its tradition of customer service, and its continued growth, the press release states that “Arthur State Bank continues to be family owned and operated since 1933. There are nineteen (19) branches located throughout the midlands and upstate of South Carolina. Arthur State Bank offers full trust services throughout the state. Arthur State Bank is a wholly owned subsidiary of Arthur Financial Corporation with its main office in Union, South Carolina. “