Carolina First president resigns


Scott M. Frierson has resigned as president of South Financial Group’s Carolinas banking markets effective Sept. 15, according to information filed with the US Securities and Exchange Commission.

No explanation was given for Frierson’s impending departure.

Frierson took over as president of subsidiary Carolina First Bank in June 2008 and was responsible for Carolina First’s day-to-day operations, according to a report in The Greenville News. Prior to that, he’d been responsible for the bank’s North Carolina market for two years.

South Financial has lost nearly $750 million since the beginning of 2008, including $569 million last year, much of it from write-offs on bad loans in Florida.

The company reported nonperforming loans held for investment totaled $464.6 million as of June 30, 2009, a $41.6 million increase from $422.9 million a year earlier, and its nonperforming asset ratio increased to 5.94 percent as of June 30.

Stock in South Financial fell 13 cents Friday, to $1.61 a share.