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.