FDIC Steps in to Secure 2 Failed Banks in NC, SC

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By Alicia Barnes

Story Created: Jun 8, 2012 at 10:26 PM EDT

Story Updated: Jun 8, 2012 at 10:43 PM EDT

CHARLESTON, S.C. (AP) _ Banking regulators are closing one small bank in South Carolina and another in North Carolina.

The Federal Deposit Insurance Corp. on Friday took over Carolina Federal Savings Bank of Charleston, S.C., and sold most of the assets to Bank of North Carolina, based in Thomasville, N.C. The closed bank's two branches will reopen Monday under the name BNC Bank.

The FDIC also took over Waccamaw Bank, based in Whiteville, N.C. Its deposits and 16 branches are being taken over by First Community Bank of Bluefield, Va.

Depositors of both banks can access their money over the weekend by using ATM or debit cards, or writing checks. Loan customers should continue to make their payments as usual.

Deposits up to $250,000 will continue to be insured by the FDIC.

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