Anchor Financial Corp. CEO Stephen Chryst talks to The Wall Street Transcript.NEW YORK--(BUSINESS WIRE)--June 15, 1999-- The Wall Street Transcript has published an in-depth interview with Stephen L. Chryst of Anchor Financial Corp. (Nasdaq:AFSC AFSC American Friends Service Committee AFSC Alaska Fisheries Science Center AFSC Air Force Systems Command AFSC Air Force Specialty Code AFSC Air Force Space Command AFSC Armed Forces Services Corporation AFSC Army Field Support Command ), in which he talks at length about his company's future. He says, "We're a commercial bank, headquartered in Myrtle Beach, South Carolina Myrtle Beach is a city and in Horry County, South Carolina, United States. It is part of the Grand Strand, a stretch of beaches along the South Carolina coastline, and the combined Myrtle Beach-Conway-North Myrtle Beach MSA. . We'll turn 25 years old in September of this year, having started up from scratch in 1974. We've been a conservative, traditional, commercial bank throughout our history." He explains, "In the mid-1980s we began to branch out from the headquarters in Myrtle Beach, both South and North along the coast of South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. , still pretty close to our headquarters. A reason for that was to try to find some diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. in markets as well as leverage our cost of doing business. As interstate in·ter·state adj. Involving, existing between, or connecting two or more states. n. One of a system of highways extending between the major cities of the 48 contiguous United States. Noun 1. banking came into play in the mid-1980s, and so much consolidation in the banking industry began to take place, I think all financial institutions like ours - small community banks - had to begin to assess what their future role might be. I think you had to have a plan to get in and stay in, or get out, or perhaps consider a style of doing business that promotes both options." Looking forward, he states, "You can look at our history over the last almost 25 years, pick out any five-year period, and you'll find out that we've doubled in size. I don't know Don't know (DK, DKed) "Don't know the trade." A Street expression used whenever one party lacks knowledge of a trade or receives conflicting instructions from the other party. that we'll double in size in the next five years, but we will come close to that. Our vision and our preparation and our training are preparing us for that." To read the complete interview, go to http://www.twst.com/ceos.htm. The Wall Street Transcript does not endorse the views of any interviewees nor does it make stock recommendations. Read hundreds of free excerpts from our Q&A Interviews of analysts from top brokerage houses, money managers and CEOs at http://www.twst.com. The Wall Street Transcript is a premier weekly investment publication serving serious long-term investors Long-term investor A person who makes investments for a period of at least five years in order to finance his or her long-term goals. for over 35 years. The Transcript publishes industry roundtables and interviews with Wall Street analysts, money managers, and Company CEOs, and is read by top money managers, brokers, and individual investors. For subscription information call (800) 246-7673. |
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