Bank of SC opts out of bailout plan
Saying it doesn't need the money from the government's $700 million bailout plan, the Bank of South Carolina's owner is opting out of U.S. Treasury Department's Troubled Asset Relief Program.
Charleston-based Bank of South Carolina said Wednesday that "its financial health does not necessitate any government investment. The bank is sufficiently liquid and capitalized with strong asset quality and earnings."
It's estimated that as many as 1,800 publicly held financial institutions could apply in the next few weeks for the so-called TARP funding, the bank owner said.
Greenville-based South Financial Group Inc., which owns Carolina First bank, said last week that had received preliminary approval to sell about $347 million in preferred stock and common stock warrants to the Treasury to help bolster its battered balance sheet.
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ashleyriver (anonymous) says...
Perhaps the good folks at the Bank of SC could start doing seminars for the CFO's of AIG et al and Ford, Chrysler and GM. There seems to be a fatal shortage of sound financial wisdom in many large US corporations these days.
November 19, 2008 at 12:44 p.m. ( permalink | suggest removal )
mkris (anonymous) says...
They are putting the bank at a competative disadvantage.
November 19, 2008 at 12:46 p.m. ( permalink | suggest removal )
whome (anonymous) says...
I guess we'll see in about 6 months whether this was a good idea.
November 19, 2008 at 5:05 p.m. ( permalink | suggest removal )
SimplyMad (anonymous) says...
Way to stand your ground! It is good principle and a demonstration of old fasion American values - NO TO GOVERNMENT HANDOUTS! There are always strings attached when uncle sugar wants to help!
November 19, 2008 at 7:18 p.m. ( permalink | suggest removal )
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