BankMeridian seized; SCBT takes over

One of South Carolina’s newest banks was seized by regulators Friday.

Columbia-based BankMeridian, begun in 2006, was closed by the Office of the Comptroller of the Currency, which then appointed the Federal Deposit Insurance Corporation as receiver, according to an FDIC press release.

The FDIC brokered a deal with Columbia-based SCBT Financial Corp. to assume all of the deposits of BankMeridian.

BankMeridian’s three branches – in Columbia, Spartanburg and Hilton Head – will reopen on Monday as branches of Columbia-based SCBT and BankMeridian depositors will automatically become depositors of SCBT.

BankMeridian is the seventh S.C. financial institution to fail in the past two-plus years. 

Atlantic Bank and Trust of Charleston was closed by the Office of Thrift Supervision just last month, joining Easley-based CommunitySouth Bank & Trust; Williamsburg First National Bank of Kingstree; First National Bank of the South, formerly of Spartanburg; Woodlands Bank of Bluffton; and Beach First National Bank of Myrtle Beach.

BankMeridian had just under $250 million in assets and about $215 million in deposits.

2 thoughts on “BankMeridian seized; SCBT takes over

  1. Pingback: SCBT stock takes off after report, deal « The Cotton Boll Conspiracy

  2. Pingback: Tidelands wracks up another big loss « The Cotton Boll Conspiracy

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