While the FDIC provides protection for the assets of bank customers affected by intervention and/or closure, bank investors and shareholders suffering financial loss must seek legal action to recover for losses, including stock loss.

If members of the Board of Directors engaged in action(s) leading investors to suffer financial loss and/or failed to take action leading stockholders to suffer financial loss, you may have a claim to recover your stock loss. Investors in the following South Carolina banks may have suffered resulting stock losses:

• Bank of Anderson
• Bank of Westminster
• Bank of Meridian
• Community South Bank and Trust
• First Federal of South Carolina
• Independence National Bank
• Plantation Federal Savings Bank
• Williamsburg First National Bank
• First South Bank Corp
• South Carolina Community Bank
• Congaree State Bank
• Carolina First, Greenville
• Tideland Bancshares
• Palmetto Bancshares
• Southern First Bancshares, Inc./Greenville First
• Woodlands Bank
• Beach First Bank
• First National Bank of the South

While the circumstances leading up to federal intervention and/or closure are specific to each bank, the various allegations are serious and include:

• Engaging in certain practices felt to jeopardize the interest of depositors, customers, and shareholders of the bank;
• Practicing unsafe and/or unsound banking practices relating to asset quality, capital adequacy, earnings, management effectiveness and liquidity;
• Dissipation of assets and earnings due to unsafe and unsound practices;
• Business practices which violate applicable law and regulation;
• Operating without effective Board of Directors oversight and effective management supervision to prevent unsafe or unsound banking practices and violations of law and regulations related to the Bank Secrecy Act (BSA)
• Failing to operate safely and soundly in accordance with all applicable laws rules and regulations.

We will be posting further information regarding the underlying allegations and likely effects in the near future. If you own stock in one of the banks listed above, contact the Strom Law Firm, LLC for a free consultation today to discuss the how we may be able to help.