Troubles continue for Tidelands Bancshares.
The Mount Pleasant-based parent of Tidelands Bank recently announced it lost $7.9 million during the quarter ended June 30, up sharply from a $3.5 million loss during the same period in 2009.
Through the first six months of the year, Tidelands has recorded loan-loss provisions of $9.75 million, up from $7.6 million last year, and has seen impaired loans rise to $26.6 million from $20 million at the start of the year, according to information filed with the US Securities and Exchange Commission.
The company has now lost around $25 million over the past two-and-a-half years and its stock has dipped to $1.40 a share.
Boston Globe columnist Jeff Jacoby has a solid record of sizing up issues, seeing through the b.s. and setting the record straight.
On misguided efforts to rewrite the Citizenship Clause of the 14th Amendment, which guarantees American citizenship to all persons born in the United States, Jacoby again hits the nail on the head.
He concludes a piece on the topic with his usual precise logic:
The federal government has allocated $138 million for a new program to help South Carolina homeowners stave off foreclose.
Between 11,000 and 15,000 South Carolina homeowners struggling to pay their mortgages could get cash to save their homes from foreclosure under a federally funded program, to be managed by a new nonprofit called the S.C. Housing Corp.
South Carolina is among five states that will split $600 million from the so-called “hardest hit” fund, the U.S. Treasury Department announced earlier this month. North Carolina is on track to get $159 million.