Allendale County Bank of Fairfax, South Carolina, was closed Friday, April 25, by the South Carolina State Board of Financial Institutions, which appoints the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Palmetto State Bank based in Hampton, S.C., to assume all of the deposits of Allendale County Bank.
The five branches of Allendale County Bank will reopen as branches of Palmetto State Bank during their normal business hours. Depositors of Allendale County Bank will automatically become depositors of Palmetto State Bank. Customers of Allendale County Bank should continue to use their existing branch until they receive notice from Palmetto State Bank that it has completed systems changes to allow other Palmetto State Bank branches to process their accounts as well.
As of December 31, 2013, Allendale County Bank had approximately $54.5 million in total assets and $51 million in total deposits. In addition to assuming all of the deposits of the failed bank, Palmetto State Bank agreed to purchase essentially all of the assets.
Customers with questions about transactions should call the FDIC toll free at 1-800-894-1696.