The first South Carolina-based bank to fail since mid-2012 was seized by regulators late Friday afternoon.

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Allendale County Bank customers with questions can call the FDIC toll-free at 1-800-894-1696.

The number will be operational Friday until 9 p.m.; Saturday, 9 a.m.-6 p.m.; Sunday, noon-6 p.m.; Monday, 8 a.m.-8 p.m.; and 9 a.m.-5 p.m. thereafter.

Also, information is posted online at

The five branches of Allendale County Bank of Fairfax will reopen Monday morning as Palmetto State Bank, which is headquartered in nearby Hampton and has agreed to buy almost all of the collapsed lender's assets and assume all of the deposits.

The S.C. State Board of Financial Institutions seized the troubled lender and appointed the Federal Deposit Insurance Corp. as the receiver.

Over the weekend, depositors of Allendale County Bank will be able to access their money by writing checks or using their existing ATM or debit cards, the FDIC said. Checks drawn on the bank will be processed, and borrowers should keep making their loan payments.

"Customers of Allendale County Bank should continue to use their existing branch until they receive notice from Palmetto State Bank that it has completed systems changes to allow other Palmetto State Bank branches to process their accounts as well," the FDIC said.

The federal agency estimates that its insurance fund will take a $17.1 million hit from the failure. The sale to Palmetto State Bank was the least costly alternative, the FDIC said.

Allendale County Bank was founded in 1937 as Fairfax Bank and Trust Co. As of Dec. 31, it had about $54.5 million in assets and $51 million in deposits.

The bank agreed to enter into "consent order" with the FDIC in July that required it to raise more capital and take other steps to shore up its shaky finances. The tiny lender lost $24,000 in the fourth quarter last year and had a net profit of $10,000 for all 2013, according to government filings.

It was the sixth FDIC-insured institution to be seized this year, and the first in 2014 in South Carolina.

The state's last failure was the June 2012 closing of Charleston-based Carolina Federal Savings Bank, which was immediately taken over by North Carolina's BNC Bank.

Contact John McDermott at 937-5572.