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Winston-Salem, N.C.-based bank denies bonuses to executives.
Byline: Richard Craver
Apr. 21--The top executives at Southern Community Financial Corp. did not receive a bonus for a second consecutive year in 2004 after failing to meet profit goals, the bank reported yesterday.
The bank said in a proxy filing with the Securities and Exchange Commission that it raised the salaries of its executive-management team. Southern Community Financial is the parent company of Southern Community Bank and Trust.
The net-income goals for 2004 were not disclosed in the filing. The bank reported it had record net income of $8.1 million in fiscal 2004, which represented a 121 percent increase over the previous year. The bank …
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