Three more SC banks join bailout list


Yet more SC financial institutions have joined the list of those taking part in the US Treasury Department’s Capital Purchase Program.

According to recent information released by the US Treasury Department, Southern First Bancshares of Greenville, HCSB Financial Corp. of Loris and First Reliance Bancshares of Florence have all been approved to take part in the program.

Southern First has been approved for $17.3 million, First Reliance for $15.35 million and HCSB for nearly $12.9 million. 

That means there are now more than a dozen Palmetto State institutions involved in the federal government’s bailout program. The others are:

  • The South Financial Group, which received $347 million from the government;
  • First Financial Holdings Inc., $65 million;
  • SCBT Financial Group, $64.8 million;
  • Security Federal Corp., $18 million;
  • Tidelands Bancshares Inc., $14.45 million;
  • First Community Corp., $11.35 million;
  • Greer Bancshares Inc. , $9.99 million;
  • GrandSouth Bancorporation, $9 million;
  • Congaree Bancshares Inc., $3.3 million;
  • Regional Bankshares Inc. of Hartsville, $1.5 million;
  • BankGreenville Financial Corp. of Greenville, $1 million.

Total federal dollars sent to SC financial institutions as part of the bailout program now sits at nearly $700 million.

Treasury created the Capital Purchase Program, a part of the Troubled Asset Relief Program, to help to stabilize and strengthen the U.S. financial system.

Treasury allocated $250 billion under TARP’s Capital Purchase Program to invest in U.S. financial institutions.