Tidelands Bancshares in Mount Pleasant, S.C., has been declared in default on $18.3 million of trust-preferred securities.

The $479 million-asset Tidelands was placed in default on May 6 by M&T Bank's Wilmington Trust unit, which serves as trustee on the securities, according to a regulatory filing Monday.

Tidelands is "in communication with the holders of its trust-preferred securities regarding these matters," its filing said.

Tidelands previously deferred interest payments on the trups and has not made an interest payment over the past five years. Tidelands' deferral right ended Dec. 30.

The company issued the trups in two separate transactions; one was an $8 million offering in 2006 and the other was for $6 million in 2008. The $18.3 million outstanding as of March 1 includes accrued and unpaid interest.

Tidelands reported a net loss of $3.5 million in 2015, compared with a $1.8 million net loss in 2014.

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