The South Financial Group remains the largest bank company headquartered in South Carolina, but it’s experienced major shrinkage over the past couple years.
According to information filed with the US Securities and Exchange Commission Tuesday, South Financial currently has nearly assets of nearly $12.6 billion. That compares with nearly $14 billion a year ago, and $14.2 billion at the beginning of 2007.
That decline represents a drop of 11 percent over the past 30 months.
Of course, the Greenville, SC-based financial services company has been doing its best to keep its head above water in the current economic downturn.
South Financial has lost nearly $750 million over the past six quarters, including $111.5 million during the three months ended June 30.
South Financial has been paring back wherever possible. During the most recent quarter, for example, it closed three branches and two other locations. It also sold its corporate airplane, according to the July 21 SEC filing.
Despite Tuesday’s post-market announcement of the company’s heavy second quarter loss, shares of South Financial finished higher Wednesday, up 6 cents to $1.11.
From the “Why Bother?” category comes this: Not only will Lithuania not amend a plan to compensate its Jewish community for the loss of property seized during World War II, but it won’t begin repayments to Holocaust survivors until 2011.
According to a plan developed by the country’s justice ministry, which still needs parliamentary approval, Lithuania will pay 128 million litas ($53 million) to Lithuania’s 5,000-strong Jewish community. Part of the payment will include the return of two buildings, though most of compensation will comprise cash payments.
The local Jewish community has rejected the proposal as too small, saying it represents a “mere fraction” of the value of Jewish property seized in World War II, according to The Associated Press.
Kudos to The Myrtle Beach Sun News for running Teddy Rosenthal’s letter regarding the Confederate flag.
Rosenthal, of Surfside Beach, SC, eloquently and intelligently responds to a letter written by a Coastal Carolina University student originally from New York that was based on much emotion but few facts and titled “Symbol connected to hate should be rejected.”
Some highlights from Rosenthal’s letter:
While slavery was indeed an underlying cause of the Civil War, the Southern response contested the legitimacy of the federal government’s power to usurp the sovereignty of the seceded state governments and impose its will upon those states, which, according to strict interpretation, violated the 10th Amendment of the U.S. Constitution.