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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