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New Century Bancorp Names Tobin Executive Vice President And Chief Credit Officer

Stocks in this article: NCBC









DUNN, N.C., Feb. 28, 2012 /PRNewswire/ -- New Century Bancorp, Inc. (NASDAQ: NCBC – the "Company"), the holding company for New Century Bank, has named David Richard "Rick" Tobin, Jr. as executive vice president and chief credit officer, announced William L. Hedgepeth, president and CEO. A veteran banker with over 20 years of industry experience, Tobin most recently served New Century as senior vice president and regional credit administrator.  In the role of chief credit officer, he succeeds L. Daniel Fisher who retired earlier this month.

"Since joining New Century in 2008, Rick has played a significant role in shaping our credit culture and he is well-suited to step into this position," said Hedgepeth. "He is a leader, which is an important asset in this role."   

Tobin's responsibilities include developing lending portfolio objectives, policies and procedures that drive the bank's credit culture; analyzing and reporting the status of the bank's loan portfolio, approving loan requests outside the loan authority of individual officers; and, assuring Federal and State lending guidelines are followed.

Tobin is a graduate of Appalachian State University in Boone, NC, where he earned a bachelor's degree in information technology with a concentration in business. He also is a 1990 graduate of the management development program of the NC School of Banking in Chapel Hill. He previously served on the board of directors of the Ava Gardner Museum and the Downtown Smithfield Development Corporation. He and his wife live in Smithfield, NC.

New Century Bank is headquartered in Dunn with offices in Dunn, Clinton, Fayetteville (2), Goldsboro, Lillington, Lumberton, Pembroke, and Raeford, and an LPO in Greenville, NC.

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, (i) statements regarding certain of our goals and expectations with respect to earnings, earnings per share, revenue, expenses and the growth rate in such items, as well as other measures of economic performance, including statements relating to estimates of credit quality trends, and (ii) statements preceded by, followed by or that include the words "may," "could," "should," "would," "believe," "anticipate," "estimate," "expect," "intend," "plan," "projects," "outlook" or similar expressions.  The actual results might differ materially from those projected in the forward-looking statements for various reasons, including, but not limited to, our ability to manage growth, our limited operating history, substantial changes in financial markets, regulatory changes, changes in interest rates, loss of deposits and loan demand to other savings and financial institutions, and changes in real estate values and the real estate market.  Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Company's SEC filings, including its periodic reports under the Securities Exchange Act of 1934, as amended, copies of which are available upon request from the Company.

www.newcenturybanknc.com

SOURCE New Century Bancorp, Inc.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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