FDIC gives 'needs to improve' CRA rating to SC-based Southern First Bank

Southern First Bancshares Inc. unit Southern First Bank on March 16 received a Community Reinvestment Act rating of "needs to improve" from the Federal Deposit Insurance Corp. for the period Feb. 12, 2018, to March 29, 2021.

Commenting on the rating, CEO Art Seaver said Greenville, S.C.-based Southern First has already made "significant" headway in the market identified by the regulator.

"We ... do not believe this CRA rating reflects the positive impact we had on families and businesses across our markets during the review period," Seaver said, according to a Form 8-K filed April 1.