Bank of S.C. CEO Lane retires, remains as chairman

Just weeks after marking his 25th year on the job, veteran Charleston banker Hugh Lane Jr. is slowing down and handing the reins to a successor.

The Bank of South Carolina Corp. founder said Wednesday he had retired as president and chief executive officer of the lender. Fleetwood S, Hassell, who had been executive vice president and senior lending officer, was named president and CEO effective immediately. Douglas H. Sass was promoted to succeed Hassell.

Lane said he will remain as chairman. He also will continue to do commercial lending and business development work for the bank, which opened on Feb. 26, 1987. He said he plans to scale back to a three-day work week in 2014.

“There is no way to properly thank our shareholders, directors and employees for their support for the past 25 years, and for the privilege to lead this remarkable company,” he said.

The changes were announced Tuesday at the annual meeting of shareholders.

Hassell and Sass are part of a senior executive team that also includes finance chief Sherry Sharry. Combined they have more than 68 years of banking industry experience.

“They have shaped the bank’s unique culture and have made significant contributions to our success,” Lane said.

Lane, 64, is a fourth-generation banker whose grandfather established Citizens and Southern Bank in Georgia in 1903 and whose father was president and later chairman of Citizens and Southern National Bank of South Carolina.

He was a rising executive at “C&S” until hitting a career crossroads. He then led a group of 21 organizers who raised $10.6 million in seed money to launch The Bank of South Carolina, which has racked up annual profits every year since its formation.

Its latest earnings update was released Wednesday. The Bank of South Carolina reported net income of $890,726 for the 2012 first quarter, a 37 percent jump from the same period last year.

“Our new-account activity and deposit growth remain good,” Lane said. “Although one quarter does not make a year, we like this start.”