Hedgepeth Named President and Chief Executive Officer of New Century Bancorp and New Century Bank
13 April 2007 - 8:26AM
PR Newswire (US)
Dunn, N.C., April 12 /PRNewswire-FirstCall/ -- William L. "Bill"
Hedgepeth has been named president and chief executive officer of
New Century Bancorp [Nasdaq: NCBC] and New Century Bank, announced
C. L. "Bozie" Tart, chairman of the New Century Bancorp Board of
Directors. "Following John Shaw's retirement, Bill was the obvious
choice to lead this Company and he received a unanimous vote from
our holding company board," said Tart. "Bill has been with the
Company for 3 years, serving as president and CEO of New Century
Bank South, as a member of the executive team of New Century
Bancorp, and most recently as chief operating officer of New
Century Bank. He knows the Company, believes in what we are trying
to accomplish and most importantly, he has the skills to make it
happen." Under Hedgepeth's leadership, New Century Bank South grew
from $19 million in assets to over $200 million in assets in just
two-and-a-half years. In addition, he provided leadership during
New Century Bank South's acquisition of Progressive State Bank in
mid-2006. On the promotion, Hedgepeth said, "John Shaw did a great
job of building this Company. I look forward to leading this team
even further, meeting the challenges of a growing community bank,
and achieving all that we can." A graduate of the University of
North Carolina at Chapel Hill, Hedgepeth has 23 years experience in
the banking industry. Although a native of Rocky Mount, he has
spent most of his life in Fayetteville where he and his family
reside. New Century Bancorp reported total assets of $552 million
as of December 31, 2006. New Century Bank is headquartered in Dunn
and has branch offices in Clinton, Goldsboro, and Lillington; and
New Century Bank South is headquartered in Fayetteville with branch
offices in Dublin, Lumberton, Pembroke, and Raeford. Stock Symbol:
NASDAQ: NCBC http://www.newcenturybanknc.com/ The information for
year end December 31, 2006, as presented is unaudited. This news
release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, including,
without limitation, (i) statements regarding certain of our goals
and expectations with respect to earnings, earnings per share,
revenue, expenses and the growth rate in such items, as well as
other measures of economic performance, including statements
relating to estimates of credit quality trends, and (ii) statements
preceded by, followed by or that include the words "may," "could,"
"should," "would," "believe," "anticipate," "estimate," "expect,"
"intend," "plan," "projects," "outlook" or similar expressions. The
actual results might differ materially from those projected in the
forward-looking statements for various reasons, including, but not
limited to, our ability to manage growth, our limited operating
history, substantial changes in financial markets, regulatory
changes, changes in interest rates, loss of deposits and loan
demand to other savings and financial institutions, and changes in
real estate values and the real estate market. Additional
information concerning factors that could cause actual results to
materially differ from those in the forward-looking statements is
contained in the Company's SEC filings, including its periodic
reports under the Securities Exchange Act of 1934, as amended,
copies of which are available upon request from the Company.
DATASOURCE: New Century Bancorp CONTACT: Dana Cochran, of New
Century Bancorp, +1-910-892-7080, Web site:
http://www.newcenturybanknc.com/
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