"Carolina First is excited to receive this designation, which enhances our efforts to attract and strengthen our banking relationships with small businesses in the Carolinas and Florida," said Richard Bradshaw, Executive Vice President and Director of SBA Lending. "Plus, it's consistent with our overall relationship bank strategy. This includes targeting small business customers where we know our customers, understand their businesses, and provide outstanding service."

In August 2009, Richard Bradshaw joined Carolina First to establish and manage a SBA lending unit to generate new customers by focusing on small business lending opportunities in Carolina First Bank's North Carolina and South Carolina markets and Mercantile Bank's Florida markets. Bradshaw, who has over 20 years of banking experience, including 15 years of SBA experience, has hired 17 experienced SBA professionals for the new lending unit.

General Information

The South Financial Group is a bank holding company focused on serving small businesses, middle market companies, and retail customers in the Carolinas and Florida. At September 30, 2009, it had approximately $12.3 billion in total assets and 177 branch offices. 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 September 30, 2009, approximately 45% of TSFG's total customer deposits were in South Carolina, 43% were in Florida, and 12% were in North Carolina. Investor information is available at http://www.thesouthgroup.com.

SOURCE: The South Financial Group

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