Plantation Federal Bank of Pawleys Island fails, First Federal of Charleston to take it over
A Georgetown County bank has failed and is being taken over by First Federal of Charleston.
Plantation Federal Bank of Pawleys Island was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation as receiver.
The FDIC entered into an agreement with First Federal to assume all of the deposits of Plantation Federal Bank.
The six branches will reopen Monday as branches of First Federal, including the three branches operating under the name of First Savers Bank.
Deposits will continue to be insured by the FDIC.
Customers of Plantation Federal Bank should continue to use their existing branch until they receive notice from First Federal that it has completed systems change.
Tonight and over the weekend, depositors of Plantation Federal can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Borrowers of the fialed bank should continue to make their payments as usual.
Customers with questions can call 1-800-640-2538. The number will be operational: tonight until 9 p.m.; on Saturday from 9a.m. to 6p.m.; on Sunday from noon to 6 p.m.; on Monday from 8 a.m. to 8 p.m. Afterward, the FDIC help line will be available weekdays from 9 a.m. to 5 p.m.
The agency estimated that the failure will cost to its Deposit Insurance Fund about $76 million.
The First Federal Bank’s deal was the least costly resolution, the FDIC said.
Plantation Federal is the 21st FDIC-insured institution to fail in the nation this year, and the first in South Carolina.The last FDIC-insured institution to be shut down in the state was Columbia-based BankMeridian, NA, which was seized July 29.