Southeastern Bank Financial Corp. on Friday announced that its chief executive officer will step down as chairman of its Aiken-based Southern Bank & Trust operation and hand the reins to an Aiken resident.
Patrick D. Cunning, the CEO of Sidewood Development, the parent company of Woodside Development LLC and the Reserve at Woodside, will replace Southeastern Bank CEO Dan Blanton as chairman.
The Augusta-based holding company also announced that Raymond D. Brown, the chief executive of R.D. Brown Contractors Inc., has been elected vice chairman of the same board.
"I am delighted to have had the opportunity to chair this bank board through the organizational period," Mr. Blanton said in a statement. "Given Southern Bank & Trust's growth, I feel the time is right for these South Carolina natives to guide this bank moving forward."
Southeastern Bank, which is the parent company of Georgia Bank & Trust, opened the Aiken operation in September. Its assets exceed $65 million.
"The community has truly embraced this bank," Mr. Cunning said.
Mr. Cunning served as executive vice president of Regions Bank's Central Carolina operations from 1992 to 2005. He also served as president of Palmetto Service Corp. from 1984 to 2005.
Mr. Brown's company specializes in commercial and industrial construction. He is a former director of People's Community Bank in Aiken, where he served as chairman of the loan committee.
Southern Bank & Trust has one office on Pine Log Road and has plans to open a location in downtown North Augusta this summer and a branch in downtown Aiken by the end of the year.