Southern Community Bank is on schedule and should open later this spring.

That's the word from Thomas Reese, who's chairman of the board at the new Fayetteville bank.

The bank is being established, Reese said, “...to provide a true hometown bank for Fayette County and a resource upon which its people and businesses can rely for total financial situations and exceptional personal service.”

Reese said the sale of the stock is over, with more than $8.1 million in initial capital. The stock sale reflects ownership by 490 shareholders, with 85 percent of those shareholders being from Fayette County.

The stock, with a par value of $5 per share, sold in the initial offering at $10 per share.

“The high concentration of investors from our immediate market is a clear expression of the need for Fayetteville and its county to have a local bank,” he said.

Long-time Fayetteville banker Gary McGaha is the bank's president and chief executive officer.

The bank will operate from a two-story traditional office being constructed at 525 North Jeff Davis Drive. The facility is 15,000 sq.ft. with a lobby featuring six teller stations and private loan offices.

A free-standing kiosk will be available to customers for online banking information and services. Additionally, the office will offer three drive-up banking lanes, night depository and drive-up ATM.

“Many people believe that most banks are the same...that they offer the same accounts and financial services and the same kind of service,” said McGaha. “But we're about to set a new standard in community banking. It will be a standard which provides our customers a quicker answer, access to a full array of accounts which give exceptional value and benefits.”

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