The Banking Industry in SC

[Spartan]

Indeed. Well, at least they're putting their money back into SC banks. I know SC will never be the banking behemoth that NC is, but we should at least have some larger in state banks.

[digital_sandlapper]

I think this return to smaller, community-based (or at LEAST the same state) banks is a good thing. (I have always loathed the NC banks taking over the place.) People are tired of the faceless mega-banks whose only concern is shareholders

[Spartan]

Charlotte's economy is more diverse than people give it credit for. Thats a little off topic for this thread, but you can check out the Charlotte forum for that kind of information.

[monsoon]

I highly recommend that anyone reading this ought to first try to do banking with any credit union they may be eligible for, and barring that, I would go with one of the community based banks.

[Captain Worley]

I wholeheartedly agree. My experience with credit unions has been much more positive than my dalliance with BoA was. And the only reason I was with BoA is that they gobbled up the local bank I was using at the time.

[digital_sandlapper]

I agree, too. I am happy (and relieved) to be with a Credit Union for my checking and savings accounts.

[MikesLogic]

Yeah I keep an account with both Navy FCU and BoA.

[Spartan]

Ok folks, I'm glad you all have secure bank accounts, but lets keep this discussion on topic.

[digital_sandlapper]

Gosh, Spartan, you seem a bit edgy . . is it because you live in Charlotte? Seriously, I think our discussion on the return of community banks is very on-point since that is more and more what the banking industry in S.C. seems to be transitioning into, even before all this mess.

What do you all think: is the banking industry in S.C. making a return to the small, communty-based (or at least statewide but within our borders) institutions? Do you think the recent banking industry crisis is helping that shift?

[Spartan]

Discussion of community banks its very relevant. Discuss away

[CarolinaSouth]

I think the Banking in SC will continue to get better and stronger. I've been with the same credit union since i was 14yrs old and i don't plan on changing that...unless i move really far away or out of the country. I would love to see a SC banks on the skyline in each city in this state instead of BOA, Wachovia and etc... They should all come together a build a joint building with all their names on it...lol...

[waccamatt]

I highly recommend that anyone reading this ought to first try to do banking with any credit union they may be eligible for, and barring that, I would go with one of the community based banks.

As a credit union employee and member, I wholeheartedly agree.

[digital_sandlapper]

Folks, I recommend Waccamatt as your banker. I am with his CU, and they are a good institution. (Hey Waccamatt, is this sweet talking working? I need to consolidate . . . )

[digital_sandlapper]

I think the Banking in SC will continue to get better and stronger. I've been with the same credit union since i was 14yrs old and i don't plan on changing that...unless i move really far away or out of the country. I would love to see a SC banks on the skyline in each city in this state instead of BOA, Wachovia and etc... They should all come together a build a joint building with all their names on it...lol...

I agree, CS. It would be so nice to see S.C. banks dominate our cities like the old days of SCN (who I was with, then Watch-ova-ya came along--ugh), Bankers Trust, and Southern Bank. BTW, what are the largest S.C. banks now? I know First Citizens (S.C.) is probably first, but then who?

[GvilleSC]

I thought South Financial/Carolina First was the largest SC based bank?

[Spartan]

South Financial is the largest bank that is based in SC in terms of assets, but they do not have the largest marketshare within the state. They are listed as Carolina First, since "The South Financial Group" is two or three separate "banks."

First Citizens is currently the second largest SC-based bank by assets. Its largest in the state -even over BofA and Wachovia- in terms branch locations with 162.

Carolina First has 82 branches.

Bank - Marketshare (as of June 30, 2007)

Wachovia/WellsFargo - 18% (NC/CA)

BofA - 11% (NC)

BB&T - 10% (NC)

Carolina First - 8% (SC)

First Citizens - 7 % (SC)

NBSC - 6% (SC)

(all others are under 5%)

Source: FDIC

[gs3]

I thought South Financial/Carolina First was the largest SC based bank?

Yes, South Financial (TSFG) is in the top 50 banks nationwide in terms of assets, though still small by a Wachovia, B of A, Citi standard. TSFG is right at 15 billion in assets. The next largest is First Citizens, about half the size of TSFG at around 8 billion in assets.

[Spartan]

Gov. Sanford has launched an investigation into the South Financial Group.

He questioned whether chief executive Mack Whittle moved up his previously announced retirement so the bailout could help fund his retirement package, which is valued at $18 million according to a regulatory filing. Sanford said it was a possibility raised by others, and he considers it suspicious.

Article

Hopefully nothing will come of this. I'd prefer to see the largest bank from SC not get a lot of bad press.

[CorgiMatt]

Looks like they got too big for their britches. Uncle Sam to the rescue.

http://www.greenvilleonline.com/article/20...INESS/311150002

[krazeeboi]

Charleston-based First Federal Savings and Loan has taken over eight branches of the former Cape Fear Bank of Wilmington, NC, which failed on Friday. First Federal previously had one branch in coastal North Carolina. With the eight new North Carolina branches, First Federal has 66 branches total. Outside the Charleston area, the bank

[krazeeboi]

As most know, Canadian-based TD Bank is acquiring The South Financial Group, parent company of Carolina First Bank, the state's largest commercial bank. This will definitely shake up the banking scene in the state on a few levels. With the acquistion, Columbia-based First Citizens Bank becomes the largest state-based bank and it's expected that TD Bank will aggressively expand their presence statewide, namely through some other acquisitions. One of their execs stated, “When we enter any market, our goal is always to be in the top three in deposit share and top three in store count.” To rank among the top three in South Carolina, TD Bank would need an additional $1 billion in deposits and 30 more branches. And who knows what Wells Fargo will do with their entrance into SC by acquiring Wachovia. Hopefully, the remaining sizable state-based banks (First Citizens, NBSC, SCBT, etc.) can remain independent and grow and expand.

[Spartan]

So in terms of market percentage, now 47% of our state's money is in a bank not based in South Carolina. I hope First Citizens and NBSC have some serious expansion plans. I'd hate to see the non-SC based banks reach over 50% market share.

[krazeeboi]

It's almost guaranteed to happen with TD Bank's presence in the state, unfortunately.

[goodbye]

TD Bank has published a full-page advertisement in the Sunday editions of all Upstate newspapers (probably throughout the state as well), and they vow to make improvements to the Carolina First system, including an emphasis on community outreach. Let's hope this will be true.

[CorgiMatt]

The same add (full page) is in Sunday's The State on page 3 just inside the front page.