SC cotton farmers to boost acreage

Cotton acreage is expected to jump significantly in South Carolina in 2011, according to projections released by the U.S. Department of Agriculture this week.

Some 29 percent more cotton acreage is planned for the Palmetto State this year, 260,000 acres in all, up from 202,000 acres in 2010, according to the USDA’s 2011 Prospective Plantings report. 

By comparison, South Carolina farmers produced just 115,000 acres of cotton in 2009.

Greer hit with consent orders, CEO resigns

Kenneth M. Harper resigned as president and CEO of Greer Banchsares and subsidiary Greer State Bank last week, the company announced Wednesday. Harper also resigned as a director of the company.

Dennis Hennett has been named to succeed Harper as president and chief executive officer of the company and the bank. 

Harper’s resignation is likely related to last week’s news that Greer State Bank has been ordered  by state and federal banking regulators to improve its operations and strengthen its financial performance.

The Greenville News reported that as part of “Greer State Bank’s voluntary consent order with the Federal Deposit Insurance Corp. and the Commissioner of Banking on behalf of the South Carolina Board of Financial Institutions, it has agreed to increase its board of directors’ oversight and supervision of the bank’s operations.”

Peoples shows $440K loss for 2010

Peoples Bancorporation of Easley posted a $440,000 loss for 2010, the company reported Thursday.

That comes on the heels of a $224,000 loss last year and an $8.4 million deficit in 2008, according to information filed with the US Securities and Exchange Commission.

As of Dec. 31, 2010, Peoples’ nonperforming assets totaled $29 million, or 5.4 percent of total assets. That represented an increase of $2.7 million or 10.3 percent from 2009.

Peoples reported declines in assets, deposits and loans during 2010.