GREENVILLE, S.C — South Financial Group Inc. announced Friday that it is charging off a $3.4 million loan to a Minnesota video store.

The $5.1 billion-asset parent of Carolina First Bank said that the chargeoff is of the outstanding balance of a loan to Video Updates Inc., a St. Paul retailer that filed for Chapter 11 bankruptcy protection two weeks ago. South Financial had put the loan on nonaccrual status in the third quarter of last year.

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