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 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.