Staff Report
Published June 11, 2012
Federal regulators closed and sold one South Carolina-based bank on Friday, as well as a North Carolina bank with branches here.
Bank of North Carolina, which operates in the South Carolina market as BNC Bank, acquired Carolina Federal Savings Bank of Charleston through a purchase and assumption agreement with the Federal Deposit Insurance Corp. Carolina Federal has two branches, $54.4 million in assets and $53.1 million in deposits.
“Charleston is one of the most dynamic coastal markets in South Carolina and we are excited to extend BNC's footprint into the area," said Rick Callicutt, president of BNC. "This transaction is an important step as we continue to build our presence in South Carolina, and specifically Charleston, which is a vibrant tourist destination seeing meaningful development by major corporations, and has significant opportunities for growth."
BNC Bank entered the Upstate South Carolina market this year when acquiring Regent Bank of Greenville. Last week, the bank said it raised $72 million from investors to continue its expansion. The bank also acquired a Charlotte bank last week, First Trust Bank, for $35 million.
In the last two years, the $3.2 billion BNC Bank also has acquired Beach First National Bank in Myrtle Beach, Blue Ridge Savings Bank in Asheville, N.C., KeySource Commercial Bank in Durham, N.C., and, the Cary and Chapel Hill branches of HamptonRoads Bankshares Inc. in North Carolina.
Also on Friday, federal regulators closed Waccamaw Bank, a North Carolina-based bank that had South Carolina branches in Conway, Little River and Heath Springs along the coast.
First Community Bank of Bluefield, Va., acquired Waccamaw Bank through a loss-share agreement with the FDIC, establishing the bank’s footprint in South Carolina. The parent company, First Community Bancshares Inc., is a $2.21 billion financial holding company that operates 56 locations in Virginia, West Virginia, North Carolina and Tennessee.
It has been trying to enter South Carolina for at least two years. In 2010, First Community bid unsuccessfully with the FDIC to acquire Spartanburg-based First National Bank of the South, now Capital Bank. Last month, it cast an unsuccessful bid with the FDIC to acquire Plantation Federal Bank, a Myrtle Beach bank that operated in Greenville as First Savers Bank. Plantation Federal was sold to First Financial Holdings of Charleston.
