A $470 million-asset bank in Myrtle Beach, S.C., took advantage of the new federal interstate branching law on July 1 - the very day it went into effect in that state.

Anchor Bank said it would merge its $67 million-asset North Carolina subsidiary - acquired three years ago - into its South Carolina operations, thus eliminating a separate charter, a board of directors, and some back office duplication.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.