Regulators close 4 banks, 1 in SC

CHARLESTON, SC (WCSC) - The Federal Deposit Insurance Corporation said in a press release Friday that Plantation Federal Bank of Pawleys Island is one of the banks that failed this year.

According to the FDIC, First Federal Bank of Charleston will assume the deposits of Plantation Federal Bank. Plantation Federal Bank has nearly $500 million in deposits.

No advance notice is given to the public when a financial institution is closed.

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