Michael Reid, golf cartpath contractor.
McGaha, who is the proposed president and CEO of the
new venture, said the time is right to start a new bank since
the economy is still booming, and Fayette County needs a
hometown bank.
"A small community bank can give better service. All
decision making powers will be handled by local people," he said.
The group started talking about creating the bank during the
end of 1998 and filed their application with the FDIC April 6.
McGaha hopes to receive approval back from the
regulatory agency by July and would like to start selling stock in the bank
in the late summer. He's hoping to sell 750,000 shares at $10 a
share for an initial capitalization of $7.5 million.
McGaha has worked in banking in Fayette County since
1963, most recently at Heritage Bank. He left Heritage at the end
of February and has since been working full-time on making
Southern Community Bank a reality.
If everything goes as planned, McGaha hopes to start
construction on the 14,000 sq.ft. bank headquarters in the summer
and have it up and running during the first quarter of 2000.
Fayette County's last local bank, Fayette County bank,
was recently sold to Regions Bank in Alabama.
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