A Columbia bank has failed and its assets have been taken over.
Federal officials seized the assets of BankMeridian Friday. The small bank has only three branches, although it is headquartered on Main Street in downtown Columbia. The Federal Deposit Insurance Corporation, or FDIC, which insures banks across the country, entered into an agreement with South Carolina Bank & Trust to take over BankMeridian’s branches and services.
Depositors of BankMeridian can still access their money over the weekend by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual. The bank will reopen Monday as a subsidiary of SCBT.
BankMeridian had about $240 million in total assets and $215.5 million in deposits at the time of its failure. The FDIC and SCBT both entered into a loss-share agreement on about $179 million of those assets.
The three branches are in Columbia, Hilton Head, and Spartanburg.
The FDIC also announced takeovers of banks in Virginia and Indiana Friday.