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.
Ocheltree has extensive relationships throughout North Carolina banking circles. He served as Chair of the North Carolina Bankers Association for 2012 – 2013."I'm extremely excited about joining the Carolina Trust Banking Team and I'm looking forward to assisting the Board and the team in the growing success of the bank in the communities that they serve," said Ocheltree. "I was totally impressed by the Board and management team members that I met during the interview process and their commitment to build their bank and become the bank of choice in their markets. I look forward to getting out in the community to meet the bank's shareholders and customers." In conjunction with its executive search, the Board of Directors also engaged a financial advisory firm with substantial experience in banking in the Southeast to evaluate the strategic options facing the bank. Based upon the analysis and recommendations prepared by its financial advisor and the appointment of Mr. Ocheltree as its new President and CEO, the Board voted unanimously to build the long-term value for the shareholders of the bank by continuing to operate as an independent entity. Established in 2000, Carolina Trust Bank ( www.carolinatrust.com) has $267M in assets. Its stock trades on the NASDAQ under the symbol CART. The Lincolnton, N.C. based state chartered bank operates seven full service branches in Lincoln, Gaston, Catawba and Rutherford Counties in western North Carolina. It also maintains a loan production office in Hickory, N.C.
CONTACT: Donald J. Boyer EVP/CFO Carolina Trust Bank (704) 735-1104