October 24, 2014

Federal regulators close small bank in Grand Strand

Federal regulators have shut down a Grand Strand bank.

After closing Friday, the Federal Deposit Insurance Corporation took control of the Plantation Federal Bank, headquartered in Pawleys Island. The move also affects a small Greenville bank, First Savers, which was jointly chartered with Plantation. An annoucement Friday said that First Federal Holdings, Inc, of Charleston, has agreed to take control its assets. It will also share some of the now-defunct bank’s nearly $221 million in losses.

Those who have accounts at Plantation’s six branches don’t have to worry. ATMS, debit cards, and checks can still be used over the weekend without any impact. The branches will reopen as normal Monday under the name of First Federal. However, customers are asked to use the former Plantation branches until First Federal finishes a changeover of its accounts.

First Federal has dozens of branches along South Carolina’s coastal region.

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House approves tax credits to renovate abandoned buildings

Developers may soon get a big tax credit if they renovate and reopen blighted buildings under a bill that passed the South Carolina House this week. The “Abandoned Buildings Revitalization Act” is now headed to the state Senate after a unanimous vote Wednesday.

A vacant building at the former state mental hospital in downtown Columbia

It would give a 25 percent tax credit to businesses that invest at least $500,000 in a building which has been abandoned for five years or more.

Rep. James Smith (D-Columbia) cited a study from the Strom Thurmond Institute that found the law would create $20 in revenue for every dollar of credit. “These buildings are either not on the tax rolls or are on the tax rolls at a very low value and there’s no activity,” he told South Carolina Radio Network, “We’re going to change that and we’re going to ultimately see greater revenue for the communities in our state.”

AUDIO: Rep. Smith talks about “Abandoned Buildings Revitalization Act” (5:01)

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Boeing CEO: We made the right decision to come here (AUDIO)

CEO of Boeing Commercial Airplanes Jim Albaugh praised South Carolina, his newest teams of workers and the airplane they created in a high-tech rollout event in North Charleston. 

The North Charleston site is the third 787 plant for Boeing and a manufacturing first for South Carolina, “with more to come” Albaugh promises.

He spoke to thousands in a crowd of workers, media and political leaders Friday.

AUDIO: Albaugh speech at 787 rollout (8:42)

First Dreamliner rolls out of North Charleston

The Dreamliner, destined for Air India, exits Boeing assembly plant Friday

The Boeing plant in North Charleston rolled out its first brand new 787 in a festive ceremony Friday. Scores of dignitaries, including Governor Nikki Haley and former Gov. Mark Sanford, gathered with thousands employees to celebrate the occasion.

It’s the first time Boeing has assembled an aircraft outside of its manufacturing base in Washington.

The $750 million plant opened last year after the political controversy brought on by the National Labor Relations Board alleging that the aircraft manufacturer was building the nonunion South Carolina plant in retribution to the union strikes at the Washington State Boeing plant.

The controversy ended after the Machinists Union approved a four-year contract extension and the company promised that they would a build a new version of the 787’s in Washington.

Pilot dies in Anderson County plane crash

The pilot of a single engine plane was killed Friday afternoon when his plane crashed at the end of the runway at the Anderson County Regional Airport.

The pilot’s name has not yet been given by authorities, but investigators say he was from Cincinnati, Ohio and was flying a single engine Cirrus aircraft.

The pilot died at the scene of the crash. Two other people who were on the ground received burns when they tried to help the pilot. They are now being treated.

The cause for the crash is still unknown. Emergency crews remain at the scene.