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Southwest Georgia Financial Corp. in Moultrie said Monday that it expects to take a $1 million loss this quarter on the sale of a property and write down as much as $4.3 million of its investment in Fannie Mae and Freddie Mac preferred shares.
September 30
A south Georgia bank has expanded and shuffled management ranks to fuel further growth in key markets.
The $293 million-asset Southwest Georgia Financial Corp., the holding company for Southwest Georgia Bank, said Wednesday that it promoted R. L. "Andy" Webb Jr. to executive vice president and the newly created position of chief credit officer. Webb had previously been a senior vice president and head of the company's division for Moultrie, Ga.
Southwest Georgia Financial also created four other positions. John J. Cole Jr., executive vice president and cashier, was named chief operating officer. Executive Vice President Jeffery E. Hanson was named chief banking officer. Jeffrey Judson Moritz and David L. Shiver were named presidents of the Valdosta and Sylvester divisions, respectively.
To fill Webb's slot as head of the Moultrie division, Southwest Georgia Financial promoted senior vice president Danny E. Single. Additionally, C. Wallace Sainsbury retired as executive vice president of the holding company and of Southwest Georgia Bank.
The moves will allow the company to "more effectively serve customers across diverse markets, allow better systems for risk management, and facilitate more efficient lines of communication," Chief Executive DeWitt Drew said in a press release.
The Moultrie, Ga., company operates six branch offices, located in its hometown, and in bedroom communities of the southern Georgia cities of Albany, Thomasville and Valdosta. Southwest Georgia Bank plans to open a second branch early next year in Valdosta, where it also has a loan-origination office. The company picked Valdosta for the new office as it has seen loan and deposit growth there.
Southwest Georgia Financial is healthy. The bank's nonperforming assets represented 2.27% of its total assets as of Sept. 30. It had a total risk-based capital ratio of 15.75% as of the same date.
