US regulators close small lender in South Carolina

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Associated Press

Posted on April 25, 2014 at 6:00 PM

Updated Saturday, Apr 26 at 7:02 AM

WASHINGTON (AP) — Regulators have closed a small lender in South Carolina, marking the sixth U.S. bank failure of 2014 after 24 closures last year.

The Federal Deposit Insurance Corp. said Friday that it has taken Allendale County Bank, based in Fairfax, S.C.

The lender, which operated five branches, had about $54.5 million in assets and $51 million in deposits as of Dec. 31.

Palmetto State Bank, based in Hampton, S.C., agreed to assume Allendale's deposits and to buy essentially all of the failed lender's assets.

Allendale County Bank's failure is expected to cost the deposit insurance fund $17.1 million.

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