CoastalSouth Bancshares, Inc. and Coastal States Bank Announce Changes to Boards of Directors
HILTON HEAD ISLAND, S.C., March 18, 2024 /PRNewswire/ -- CoastalSouth Bancshares, Inc. ("COSO") and its wholly-owned subsidiary, Coastal States Bank ("CSB"), announced today that Mr. Ping Lee, PhD is stepping down as a member of their Boards of Directors. Mr. Lee has served as a director since COSO's acquisition of Cornerstone Bancshares, Inc. in 2021.
"We thank Ping for his past three years of collaboration and service to COSO and CSB," said Jim MacLeod, Chairman of the Board of COSO and CSB. "Ping was an excellent representative for former Cornerstone shareholders, as well a strong financial steward for all COSO shareholders."
Mr. Lee will continue to function as a Board Observer going forward.
The Boards of Directors of COSO and CSB also announced today that Mr. John G. Aldridge, Jr. ("Gee") has been appointed to serve as a member of both Boards of Directors.
Mr. Aldridge is the founder and managing partner of Aldridge | Pite, LLP ("A|P"). A|P is a multi-state law firm, located in 16 states, focusing on the representation of banks, financial institutions, mortgage servicing concerns and institutional investors with respect to all facets of the commercial and residential real estate life cycle. In addition to running the day-to-day operations of A|P, Mr. Aldridge is also the Senior Partner at Aldridge | Pite | Haan, LLP ("A|P|H"). A|P|H is a multi-state collections law firm, located in 12 states, with a primary emphasis on consumer and commercial collections. A|P|H provides representation to national and regional banks, automobile financing lenders, hospitals, medical service providers and debt buyers, along with other lenders and financial institutions.
Professionally, Mr. Aldridge has founded, owned, operated and sold numerous companies involved in the real estate industry, including title companies, trustee companies, service of process companies, technology (as a service) companies and technology and business process consulting companies. He currently sits on the Board of Directors of Altisource Portfolio Solutions S.A. and Atlantic Title & Escrow – a Private Equity run title company out of the northeast, helping them to strategically expand their operations and grow their enterprise.
Mr. Aldridge received his B.A. from the University of North Carolina at Chapel Hill and his J.D. from Emory University School of Law, and he is admitted to the State Bar of Georgia.
"I am very pleased to announce that Gee has joined our Board of Directors," said Stephen Stone, President and CEO of COSO and CSB. "Gee has served as a member of our Atlanta Advisory Board for the past several years and is an outstanding advocate for CSB. His decades of experience in financial services and his knowledge of our markets in and around Atlanta and in South Carolina will be a tremendous asset to our Board."
About the Company
Coastal States Bank builds relationships by providing a full range of banking services designed for businesses, their owners, and individuals looking for a local banking partner. CSB has a community banking presence in the Lowcountry of South Carolina (Hilton Head Island and Bluffton), Savannah, and the Atlanta Metropolitan market, and serves communities across the country through its Government Guaranteed Lending, Senior Housing, Correspondent Marine, and Mortgage Banker Finance lines of business. At present, CSB has approximately $2 billion in total assets.
CSB is a wholly-owned subsidiary of CoastalSouth Bancshares, Inc. (OTCQX: COSO). Coastal States Bank – Local. And Proud of It.®
For additional information regarding Coastal States Bank please visit www.coastalstatesbank.com.
Media Contact:
Stephen R. Stone
President and Chief Executive Officer
Coastal States Bank
sstone@coastalstatesbank.com
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SOURCE CoastalStates Bank
