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Photo Release -- Carolina Trust Bank Announces Ocheltree As New CEO

Stocks in this article: CART

LINCOLNTON, N.C., Dec. 26, 2013 (GLOBE NEWSWIRE) -- Carolina Trust Bank (Nasdaq:CART) today announced that the company's Board of Directors has appointed Jerry L. Ocheltree, formerly of First Bank, as President and Chief Executive Officer effective January 1, 2014.

Jerry L. Ocheltree

A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=22828

In its search for a new CEO, the Board sought a candidate with a proven track record of success running and profitably growing community banks. "We had very specific criteria for our new CEO, and we were very deliberate in our search – Jerry met or exceeded our criteria and he is the right person to lead Carolina Trust," said Johnathan L. Rhyne, Jr., Chairman of the Board of Directors. "Jerry has led three community banks with significant successes at each. His experience leading banks larger than Carolina Trust has prepared him to manage our bank during this time of economic recovery. We are confident that our customers, employees and investors will welcome this development."

Following chief executive positions at Premier South Bank in Wytheville, Virginia and First Virginia Bank, also in Wytheville, Virginia, Ocheltree was recruited in 1998 to join First Bank to run its largest region. In 2005 he was elevated to President and Chief Executive officer.

As chief executive at First Bank, Ocheltree had oversight for the strategic direction and daily operations of the entire bank and worked with his senior management team to establish the company's mission and vision. Under his leadership, First Bank grew from $1.5B in assets to more than $3.4B in assets in seven years.

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