Congaree CEO signs three-year deal

Charles A. Kirby, who took over as chief executive of Congaree Bancshares earlier this year, recently signed a long-term contract with the West Columbia community banking company.

Kirby, who is also CEO of subsidiary Congaree State Bank, signed a three-year agreement last month that will pay him an initial base salary of $150,000.

In addition, he’ll be eligible for a cash bonus of up to 50 percent of his previous year’s base salary, in addition to a country club membership, according to information filed with the US Securities and Exchange Commission.

Kirby has his work cut out for him. Congaree made a slight profit of $11,138 during the quarter ended Sept. 30, 2010, but has lost $542,000 over the first nine months of the year.

During the same period in 2009, the company made $26,192 during the third quarter, but lost $744,500 during the first three quarters of the year.

Stock in Congaree is trading for $2.12 a share, down from its 52-week high of $3.99.

Kirby’s last job was area executive at BB&T Corp. for the commercial markets in Lexington, Newberry and McCormick counties. He retired from that position in January 2009.

Kirby joined BB&T in 1995 when the company bought his previous employer, Lexington State Bank. Before BB&T bought Lexington State Bank, Kirby served as executive officer and senior vice president of credit function and branch administration.

Kirby succeeded Charlie T. Lovering as CEO of the $138 million-asset company. Lovering stayed with Congaree as chief financial officer.

Lovering had handled the chief executive duties on an interim basis since Hank Ray resigned in January 2009.

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