State regulators in South Carolina closed the $54 million-asset Allendale County Bank late Friday.

The bank, based in Fairfax, S.C., was the sixth institution to fail this year and the first to be seized in South Carolina since June 2012.

The Federal Deposit Insurance Corp. said Palmetto State Bank in Hampton, S.C., had agreed to assume all of the failed bank’s $51 million in deposits. Palmetto will also acquire essentially all of Allendale County Bank’s assets. The failed bank’s five branches will reopen during normal business hours as part of Palmetto State Bank.

The failure is estimated to cost the Deposit Insurance Fund $17 million.

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