Weiss Ratings News Briefs

South Carolina bank regulators close first bank of 2012


Plantation Federal Bank in Pawleys is the first bank to be closed by South Carolina banking regulators in 2012. The institution was the largest of the five banks closed by the FDIC and state regulators on Friday with $486.4 million in assets. It was rated E- ("Very Weak") by Weiss at the time of failure and was first identified as "Weak" in March 2009. It reported a loss of more than $20.2 million in 2011 and had below-FDIC-mandated Tier 1 (5%) and risk-based capital ratios (6%) of 1.04% and 2.78%, respectively. Nonperforming loans made up 13.2% of its total loan portfolio.

First Federal Bank (formerly First Federal Savings and Loan of Charleston), with more than $3 billion in assets, assumed the deposits of Plantation Federal.

Weiss has identified 112 of the 114 institutions, or 98%, that have failed in 2011 and 2012 as E- ("Very Weak"). Currently, 373 more banks and thrifts are considered "Very Weak." View a list of large weak institutions at www.weissratings.com/banklists.