GREENVILLE, S.C.--(BUSINESS WIRE)--Feb. 9, 2009-- The South Financial Group, Inc. (NASDAQ: TSFG) announced that its Board of Directors today voted unanimously to name H. Lynn Harton as President and Chief Executive Officer, effective immediately. This follows Harton’s previous appointment as Interim President and CEO, a position that he held since November 13, 2008. Harton was also appointed to serve as a Board member for The South Financial Group.

John C.B. Smith, Jr., Chairman of the Board, commented, “After conducting a nationwide search that involved interviewing many qualified candidates, we concluded that Lynn is the best person to lead our Company. As Interim CEO, Lynn demonstrated through his knowledge, teambuilding, and vision his capabilities to direct our Company as we face this challenging environment. I speak for the entire Board when I say that Lynn has our full support and confidence, as we look to the future.”

“I am honored to serve as CEO for The South Financial Group,” said H. Lynn Harton, President and CEO. “We have a great team of employees that is ready to move forward. Over the past 90 days, we’ve already put many changes in place, including a new executive management team, other organizational changes, the launching of our efficiency improvement project, and other actions to improve our cost structure. We’ve also worked to gain clarity about who we are and how we will best compete, both now and when better times arrive. It’s an exciting time, and I look forward to driving the changes that will make TSFG stronger for our shareholders, customers, and team members.”

General Information

The South Financial Group is the largest publicly-traded bank holding company headquartered in South Carolina and ranks among the top 50 U.S. commercial bank holding companies in total assets. At December 31, 2008, it had approximately $13.6 billion in total assets and 180 branch offices in Florida, North Carolina, and South Carolina. TSFG operates Carolina First Bank, which conducts banking operations in North Carolina and South Carolina (as Carolina First Bank), in Florida (as Mercantile Bank), and on the Internet (as Bank CaroLine). At December 31, 2008, approximately 45% of TSFG’s total customer deposits were in South Carolina, 41% were in Florida, and 14% were in North Carolina. Investor information is available at www.thesouthgroup.com.

Source: The South Financial Group, Inc.

The South Financial Group, Inc.
James R. Gordon, Senior EVP & Chief Financial Officer
864-552-9050
or
Mary M. Gentry, EVP – Investor Relations
864-421-1068