A century and a half ago, secession was in full swing throughout the South. South Carolina had left the Union in December 1860 and Mississippi, Florida, Alabama, Georgia and Louisiana all followed suit in January. Texas did likewise on Feb. 1, 1861.
But, according to the above map – which breaks down counties based on whether they were for secession, against it or divided – breaking away was anything but unanimous, even in the Deep South.
Not surprisingly, South Carolina was all in for leaving the Union, but North Carolina and Arkansas were also undivided in terms of counties favoring disunion.
Friday’s failure of CommunitySouth Bank and Trust marked an inglorious finale for a bank which began with the largest initial public stock offering for a community bank company in South Carolina history.
In 2005, CommunitySouth’s parent company, CommunitySouth Bancshares Inc., reported that its IPO generated $32.5 million in stock sales – $2.5 million more capital than it could accept. It sold 3 million shares to approximately 1,300 shareholders, according to the Greenville News.
That made CommunitySouth’s IPO the largest ever for a state-chartered bank at the time, according to a spokesman for the state Treasurer’s Office, the News added.
But less than six years later, CommunitySouth’s stock was trading for just 5 cents a share when its was closed by the South Carolina State Board of Financial Institutions. The company had has lost nearly $30 million over the past three years and was deemed critically undercapitalized by regulators late last year.