South Carolina

At a time when calculated retreats are becoming more common — and more accepted — Tidelands Bancshares Inc. is a new kind of leader.

About 32%, or 47, of the 146 banks that acquired a failed bank from Jan. 1, 2009, through Aug. 19 of this year have recorded a net bargain-purchase gain from the failed bank's assets.

WASHINGTON — Federal and state regulators shut seven banks late Friday, pushing the failure total this year to 103. Though the pace of failures briefly slowed earlier this month, it appears to be picking up momentum again, as Friday's failures followed six last week.

North American Financial Holdings, a group formed by former Bank of America Vice Chairman Eugene Taylor, sealed deals to buy 3 failed banks in the Southeast late Friday.

Bank of South Carolina Corp. in Charleston posted a 6% year-over-year increase in second-quarter net earnings, largely because of a wide net interest margin spread.

Two weeks after calling off a capital-raising effort, Tidelands Bancshares Inc. in Mount Pleasant, S.C., said it plans to reduce its size.

The Federal Reserve announced Friday that on May 4 it placed South Financial Group Inc. of Greenville, S.C., under a written agreement that, among other things, prevents the $12 billion-asset company from paying dividends without prior approval.

SCBT Financial Corp. of Columbia, S.C., said its first-quarter earnings skyrocketed, largely as a result of its acquisition of the failed Community Bank and Trust in Cornelia, Ga.

The South Financial Group in Greenville, S.C., reported Tuesday a large but narrowing first-quarter loss of $85.8 million. The $12.4 billion-asset company had lost $193.8 million a year earlier.

Community Capital Corp. in Greenwood, S.C., said its earnings jumped sharply in the first quarter as credit quality showed significant improvement.

When Bank of North Carolina took over Beach First National Bank in Myrtle Beach on April 9, the seller was the first bank failure in South Carolina in 11 years.

The Federal Deposit Insurance Corp. sold the operations of the $585 million-asset Beach First National Bank in Myrtle Beach, S.C., to Bank of North Carolina in Thomasville.

Four Wachovia Corp. veterans plan to build a major regional bank in the Carolinas and Virginia, and are putting a twist on the strategy similar groups are using.

First Financial Holdings Inc. of Charleston, S.C., warned Thursday that it expects to report a steep loan-loss provision for its fiscal second quarter, which ended March 31.

Since calling off a round of capital-raising last fall, Citizens South Banking Corp. has adopted a more opportunistic approach to raising funds.

Three months after stepping down as the chief executive of Royal Bank of Canada's U.S. operations, Scott Custer is gearing up to build a new bank spanning the Carolinas and Virginia.

Southern First Bancshares Inc. in Greenville, S.C., reported Tuesday its fourth-quarter earnings fell 59% from a year earlier, to $152,000.

The $3.5 billion-asset company in Charleston, S.C., said in a press release late Friday that it expects to record a loan-loss provision of $25 million to $26 million for its quarter that ended Dec. 31.

Coastal Banking Co. of Beaufort, S.C., has entered into a formal agreement with regulators to reduce its risky assets.