Palmetto State Bank, Hampton, South Carolina, Assumes All of the Deposits of Allendale County Bank, Fairfax, South Carolina — 2014-04-25

Allendale County Bank, Fairfax, South Carolina, was closed today by the South Carolina State Board of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Palmetto State Bank, Hampton, South Carolina, to assume all of the deposits of Allendale County Bank. The five branches of Allendale County Bank will reopen as branches of Palmetto State Bank during their normal business hours. Depositors of Allendale County Bank will automatically become depositors of Palmetto State Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits.