Carolina Alliance Bank has reported its first quarterly profit since its inception. For the three months ended September 30, 2009, net income was approximately $51,000 compared to a net loss of approximately $218,000 for the three months ended September 30, 2008. For the nine months ended September 30, 2009, the bank reported a net loss of $723,000 compared to a net loss of $976,000 for the comparable period in 2008.

“This is a very important milestone in the history of our young organization, particularly considering the adverse financial and economic environment under which we have operated practically since the opening of the bank in January of 2007,” said John Poole, President and CEO of Carolina Alliance Bank. “All of the people associated with this bank have worked hard for every significant milestone we have achieved, and this one is especially gratifying to our employees and board of directors.

We have much work ahead of us to make this a sustainable accomplishment in this uncertain economy, but we are proud of the fact that the bank was profitable for each of the three months in the third quarter.”