The owner of Mount Pleasant-based Tidelands Bank said it narrowed its losses last year.
Tidelands Bancshares Inc. reported that its deficit for the fourth quarter was $377,000 after accounting for deferred dividend payments it owes the federal government, according to a filing with the Securities and Exchange Commission. That was down from a $1.1 million loss for the last three months of 2012.
The comparable full-year net loss was $2.2 million in 2013, down from $4.1 million loss the previous year. Over that same period, repossessed properties and bad loans held by Tidelands dropped by 40 percent to $14 million.
Among locally based banks, Tidelands is the last to rebound from the last recession and real estate crash. Its losses since 2008, when the downturn took hold, total more than $49 millions.
The bank marked its 10th year in business on October. It has seven branches in Charleston, Dorchester, Berkeley, Horry and Beaufort counties.
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