Lexington, SC, Bank President Lands on Federal Reserve Board

By Mike Switzer

Published December 2, 2015 at 9:36 AM EST

A South Carolina community-based bank is celebrating its 20th anniversary this year and our next guest says his experience surviving the ups and downs of the banking industry can only help him in his additional role as a member of the Federal Reserve Board.

Mike Switzer interviews Mike Crapps, president, CEO and co-founder of First Community Bank based in Lexington, SC.

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Mike Switzer

After almost 20 years, Mike Switzer retired from Wells Fargo Securities in 2001 as Senior Vice President/Investment Officer and Certified Portfolio Manager. In 1999, he and his wife, Maggie, purchased and operated for eight years the Baskin Robbins ice cream store on Forest Drive in Columbia. They grew the store from a bottom-tier operation in the Baskin Robbins franchise system to one in the top 5% nationwide within three years, tripling sales along the way. While operating the ice cream store, Mike and Maggie received patents for a portable ice cream sink and fold-down sneezeguard they invented and in 2002 started Magnolia Carts, an ice cream cart manufacturing company, which they sold in 2013.

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