FDIC Friday 04-25-14

[Copper Catcher]

Palmetto State Bank, Hampton, South Carolina, Assumes All of the Deposits of Allendale County Bank, Fairfax, South Carolina

December 31, 2013, Allendale County Bank had approximately $54.5 million in total assets and $51.0 million in total deposits. In addition to assuming all of the deposits of the failed bank, Palmetto State Bank agreed to purchase essentially all of the assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $17.1 million. Compared to other alternatives, Palmetto State Bank's acquisition was the least costly resolution for the FDIC's DIF. Allendale County Bank is the sixth FDIC-insured institution to fail in the nation this year, and the first in South Carolina. The last FDIC-insured institution closed in the state was Carolina Federal Savings Bank, Charleston, on June 8, 2012.