Closed Friday, April 27, 2012 · Pawleys Island, Georgetown County, South Carolina
Plantation Federal Bank
In the three years to the third quarter of 2008, Plantation Federal Bank's assets grew 127%. Equity capital was below zero at its last report. It reported a net loss in four of its final nine reporting years.
On the books, 2004 to 2012
Total assets peaked at $709 million and were 39% lower at the final report. Equity capital had covered 6.9% of assets in the second quarter of 2004. By then 11% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $27.6 million, was booked in 2012 in only part of the year.* 2012: January to March only, the last report before closing.
Size against the other 2012 failures
Total assets of each 2012 failure, log scale; Plantation Federal Bank in red.
By assets it ranked ninth of the 51 failures in 2012. Within South Carolina it ranks fourth by size of the 21 failures recorded since 1934. Across the failures of 2012, the median estimated loss came to 21% of assets. In the size ranking of that year, just above it was Home Savings of America of Little Falls, Minnesota ($434 million, loss 9.9% of assets); just below, First Guaranty Bank and Trust Company of Jacksonville of Jacksonville, Florida ($397 million, loss 14% of assets). Every 2012 failure in the explorer.
It was one of two banks in South Carolina to fail in 2012. The previous failure there was BankMeridian, N.A. of Columbia, on July 29, 2011. The next was Carolina Federal Savings Bank of Charleston, on June 8, 2012. No other failed bank in the FDIC's records was based in Georgetown County.