First Citizens to take over failed SC bank

For the second week in a row, federal regulators have shuttered a South Carolina bank.

Friday, the Office of the Comptroller of the Currency seized Kingstree-based Williamsburg First National Bank and named the Federal Deposit Insurance Corp. as receiver.

All deposit accounts, excluding certain brokered deposits, have been transferred to Columbia-based First Citizens Bank and Trust Co. Former Williamsburg First National Bank locations will reopen as branches of First Citizens, according to the FDIC.

SCBT earnings miss expectations

SCBT Financial Corp. reported Friday a significant drop in quarterly earnings from a year ago.

SCBT, the Columbia-based parent of South Carolina Bank & Trust, earned $575,000 during the three months ended June 30, compared with $1.5 million during the same period in 2009.

The results were well below analysts’ expectations of 18 cents a share, according to Reuters.

The company was hurt by hurt by higher provision for loan losses and rise in non-interest expenses.

In addition, loan-loss provisions almost tripled to $12.5 million.

SCBT stock was down slightly in early trading Friday, to $32.10 a share.