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News Release

First State Bank Becomes SWaM Certified to Expand Business

Danville, VA, August 20, 2009 – First State Bank has been certified by the Commonwealth of Virginia Department of Minority Business Enterprise to participate in its SWaM program it was announced today.  The SWaM program is the Commonwealth’s Small, Women and Minority Business program. The goal of the SWaM program is that 40% of purchases be made from small businesses. This includes discretionary spending in prime contracts and subcontracts. The Department of Minority Business Enterprise (“DMBE”), in consultation with executive branch entities and institutions with procurement policy responsibilities, has developed a race- and gender-neutral Goal Setting Program. The program requires small business goals in every agency’s procurement plan.

The SWaM program defines a “small business” as one having 250 or fewer employees, or gross receipts of $10 million or less averaged over the previous three years. This includes, but is not be limited to, certified minority-owned and women-owned businesses that meet the small business definition. 

First State Bank’s President and Chief Executive Officer Kelvin G. Perry said, “We are proud to become SWaM certified.  Participation by First State Bank in the SWaM program allows us to bid for Commonwealth agency and entity deposits, loan, leases and other financial services on an equal basis.  We hope to grow our deposit and services bases along with loans through our participation in this program.”

First State Bank, with $28 million in assets, is the only remaining African-American owned and operated bank in the Commonwealth of Virginia and provides its customers with commercial banking, mortgage and consumer banking products and services. First State Bank serves customers in the City of Danville and throughout Pittsylvania County and neighboring Caswell County, NC through its banking office in Danville at 201 North Union St.

 

 

Forward-looking statements

This press release may include forward-looking statements, which reflect First State Bank’s current views with respect to future events and financial performance. Forward-looking statements are not based on historical information, but rather are related to future operations, strategies, financial results or other developments. Forward-looking statements are based on management's expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Those statements are based on general assumptions and are subject to various risks, uncertainties and other factors that may cause actual results to differ materially from the views, beliefs and projections expressed in such statements.

Contact:
Kelvin Perry, President and Chief Executive Officer, phone: 434.792.4176

 

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