Koss/Olinger is again privately owned

Published: Tuesday, September 1, 2009 at 5:43 p.m.
Last Modified: Tuesday, September 1, 2009 at 5:43 p.m.

The principals of Koss/Olinger Financial Group of Gainesville bought the company back from The South Financial Group on Tuesday afternoon, going private again and reversing a merger of four years ago, the company announced.

"We are excited to have been able to buy our company back," Will Olinger said in a statement. "With the upheaval and issues that are challenging publicly traded banks and investment firms, we felt it was in the best interest of our clients to once again become a privately owned wealth management firm."

The South Financial Group, based in Greenville, S.C., is a holding company for Mercantile Bank in Florida and Carolina First Bank in the Carolinas. It trades on the Nasdaq stock exchange under the symbol TSFG.

TSFJ reported a net loss to common shareholders of $111.5 million in its latest quarterly report of July 21, citing credit costs.

Koss/Olinger would not reveal terms of the deal. The company was founded 40 years ago by Bill Koss and Bill Olinger, who were part of the deal along with Will Olinger, Kirk Klein, WJ Rossi and Brian Watson.

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