Economy

More S. Carolina banks warned to increase cash reserves

Nearly one of every four banks based in South Carolina has received public enforcement actions from federal regulators since the recession began 21/2 years ago.

At least 21 S.C.-based banks now have received orders to improve their balance sheets since 2008, according to records from regulators’ websites. The number has doubled this year.

Some of those banks are in more serious trouble than others — operating under court orders to fix problems or risk going under.

Four S.C. banks have failed this year — the first state-based banks to go under in more than a decade.

And the largest bank based in South Carolina, Carolina First, was sold soon after it received a court order from regulators.

Read the complete story at thestate.com

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