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Carolina Trust Bank Announces CEO Retirement Plans

Stocks in this article: CART

LINCOLNTON, N.C., Sept. 16, 2013 (GLOBE NEWSWIRE) -- J. Michael "Mike" Cline today announced that he will retire from his position as president and CEO of Carolina Trust Bank effective at the end of 2013 or at such time as his successor is hired. Cline, 62, has served as president and CEO since Carolina Trust Bank was chartered in 2000. His tenure has seen the bank grow from a one location start-up to a bank of two hundred sixty five million dollars ($265,000,000) in assets with eight (8) locations in four (4) counties. 

"Mike is the quintessential community banker. He cares deeply about growing his community and helping people. Those qualities have made him an important member of each community we serve," said Johnathan L. Rhyne, Jr., chairman of the board of directors of Carolina Trust Bank. 

"Mike's long and productive career reflects well on him and the entire banking community. He has been a true friend of North Carolina bankers throughout the state and Carolina Trust Bank has been lucky to have such a fine leader," said Thad Woodard, president of the North Carolina Bankers Association.

Cline began his thirty-nine (39) year banking career in 1974 with Northwestern Bank. During his career he held various audit, lending and management positions with several other institutions. Immediately prior to Carolina Trust Bank he served as an Area Vice-President of First Citizens Bank.

Sockwell Partners of Charlotte, NC has been engaged by Carolina Trust Bank to conduct an executive search for Cline's replacement. 

CONTACT: Donald J. Boyer
         EVP/CFO
         Carolina Trust Bank
         (704) 735-1104

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