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TheSouthCarolinaBankersSchoolchallengesstudentstolearnmoreabouttheirresponͲ sibiliƟesasbankerswhilepreparingthemforfutureadvancementwithintheindustry. StudentsacquireabeƩerknowledgeofthetotalscopeoftheirorganizaƟonsandtherole theĮnancialservicesindustryplayswithinthenaƟonaleconomy.Theschoolconsistsofa threeͲyearprogressivecourseofinstrucƟonwithaoneͲweekresidentsessioneachyear. TheSouthCarolinaBankersSchoolisrankedamongthepreͲeminentinsƟtuƟonsofits kindinthenaƟon,withmorethan2,800PalmeƩoStatebankershavinggraduatedfrom theprogramoverthepasthalfcentury.  For more InformaƟon: Please contact Carolyn LaĸƩe at the South Carolina Bankers AssociaƟon at 803.779.0850 or by email at carolynlaĸƩ

Contents 2009 Park Street, Post Office Box 1483 Columbia, S.C., 29202-1483 Phone: 803.779.0850; Fax: 803.779.0890 Web: Chairman Robert R. Hill, Jr. South State Bank, Columbia Chairman-Elect R. Thornwell Dunlap, III Countybank, Greenwood First Vice Chairman David L. Morrow CresCom Bank, Charleston Treasurer Samuel L. “Sam” Erwin Iberiabank, Greenville Immediate Past Chairman David M. Lominack TD Bank, N.A., Greenville SCBA Staff President and CEO Fred L. Green, III

Cromer Named Senate Banking Chairman, Page 15

What the Young Bankers Division Means to the SCBA, Page 24

President’s Message


What Do New Administra ons Mean for S.C. Banks 6-7 The Forgo en History of the Freedman’s Bank


SCBA Graphic: Deposit Growth Among Banks in S.C. 11

2017 SCBA Legisla ve Recep on Recap, Photos 12-13 Preview of Upcoming Legisla ve Session


Upcoming SCBA Events


Preview of 2017 SCBA Washington Trip


SCBA Graphic: BankPAC Donors


Senior Vice President & Counsel A. O’Neil “Neil” Rashley, Jr., Esq.

SCBA Members Show Support for BankPAC


Director, Adver sing & IT M. Caroline Sheorn

Execu ve News


Administra ve Assistant Bonnie E. Nelson

Bank News


Execu ve Vice President, CFO/BankPAC Treasurer Donna S. Taylor Senior Vice President, Conven ons/Conferences E. Anne Gillespie Senior Vice President, SCBA Services, Inc./ South Carolina Bankers School Carolyn E. Laffi e

Director, Marke ng and Communica ons; Editor, Palme o Banker R. Kevin Dietrich The Palme o Banker is a publica on of the South Carolina Bankers Associa on. The magazine exists to serve its members by communica ng news of interest, educa on and SCBA ac vi es. Items from members are welcome, however the editor reserves the right to refuse copy. With the excep on of official announcements, the SCBA disclaims responsibility for opinions expressed and statements made in ar cles published in the Palme o Banker.

Personal Transac ons


2017 Young Bankers Conference Preview New Associate Members

25 26-27



Good Samaritans


Cover: South Carolina State House on a warm winter aŌernoon. Photo by Carl John Dietrich III.

Data. Research. Analytics. Get to the essential faster. Bringing together the highest quality data and industry-leading solutions from the S&P Capital IQ and SNL Financial platforms, S&P Global Market Intelligence integrates news, comprehensive market and sector-speciďŹ c data, and analytics into a variety of tools to help clients track performance, generate alpha, identify investment ideas, understand competitive and industry dynamics, perform valuations, and assess credit risk.

Copyright Š 2016 by S&P Global Market Intelligence, a division of S&P Global Inc. All rights reserved.

President’s Message

With Change Comes Hope: Looking Ahead at Relief


hile it remains to be seen whether the Trump administra on is going to significantly lessen the regulatory burden on banks over the coming years, it’s not unreasonable to believe that change in Washington, D.C., means there’s light at the end of the tunnel in terms of relief. There are experts who don’t believe Dodd-Frank as a whole is likely to be scrapped any me soon, but do envisage significant por ons of the onerous banking act being changed with the Trump administra on taking over. While it’s impossible to predict the future, with a new administra on comes new hope. One thing for certain is that the SCBA’s annual Washington, D.C., trip, set for March 20-22, 2017, should be one of the most Green interes ng in quite some me. There’s always a feeling of excitement and an cipa on in the air when a new president takes office. And given the radical philosophical differences between the new administra on and that of the old, this year’s Washington trip should be quite noteworthy. Your lawmakers in Washington need to hear firsthand how your banks have been impacted by regula ons promulgated over the past six-plus years: what be er way to make your voice heard that by speaking to them in person on their turf? Trump said during his presiden al campaign that one of his goals was to repeal Dodd-Frank, the omnibus banking reform act passed in the wake of the 2007-2009 financial crisis, and he backed up that declara on shortly a er his elec on. “Bureaucra c red tape and Washing-

ton mandates are not the answer” to improving the financial system, Trump’s transi on team said two days a er the Nov. 8 elec on. S ll, most banking experts believe a total repeal is unlikely given the sheer size of the reforms, the logis cal difficul es of undoing measures already in place and Congress’s general unwillingness to reduce rather than add to our laws. A more realis c goal is to go a er Dodd-Frank in bits and pieces, which would spur growth and reduce regulatory burdens on banks and thri s, while hopefully placa ng those who insist the act is necessary to avoid pi alls that led to the most recent crisis. Among proposals to help banks is the Financial Choice Act, a major regulatory reform bill introduced by House commi ee chairman Jeb Hensarling (R-Texas). Among provisions in the Financial Choice Act is one that would repeal the Durbin Amendment, a last-minute addi on to Dodd-Frank that required the Federal Reserve to limit fees charged to retailers for debit card processing. Cri cs say Durbin led to the erosion of fee-free banking services, increased costs for banks to deliver products and services to their customers, and increased the number of unbanked consumers. There has also been talk of taking ac on to blunt the impact of a U.S. Department of Labor rule released last year that doubled the salary level used to determine whether employees are classified as exempt from over me under the Fair Labor Standards Act. Starting on Dec. 1, the new annual salary level for exemp ons went from $23,660 to $47,476. The rule is especially detrimental to small banks and their employees, who handle a variety of tasks and are likely to face reduced opportunity and flexibility in the workplace as a result. Other poten al targets include the

Consumer Financial Protec on Bureau, a Dodd-Frank crea on that imposed new regula ons in areas such as mortgage servicing, foreclosure-relief services and debt collec on. If nothing else, there is a push to make the CFPB less autonomous. Instead of having a single, powerful director, the CFPB could be altered so that it operates under a commission. And even before Trump took office, there was some, although very modest, regulatory relief for some ins tu ons. On Dec. 30, federal regulatory agencies introduced a new, streamlined Call Report with simplified instruc ons for

It’s not unreasonable to believe that change in Washington, D.C., means there’s light at the end of the tunnel in terms of regulatory relief. banks with less than $1 billion in assets and no foreign offices. The new Call Report reduces the total number of pages from 85 to 61 as a result of removing approximately 40 percent of the required data items. Trepida on regarding the future is never pleasant, but you do have the opportunity to take part in the SCBA’s trip to the na on’s capital to let the individuals who represent you in Washington be er understand your concerns and ideas about what can be done for our industry. Administra ons change, at most, once every four years; a sweeping transforma on in administra ons, as we’ll see this year, is even more unusual. Don’t miss out on ge ng in front of those who represent you and telling them what you need. (Fred L. Green is president and chief execu ve officer of the South Carolina Bankers Associa on.) Winter 2017 I Palme o Banker


Cover Story

Hope for Change with Trump Administration in D.C. By Kevin Dietrich Palme o Banker Editor


onald Trump’s elec on to the presidency brought about significant change not only in Washington, D.C., but also in the Palme o State. Shortly a er Trump won the Nov. 8 elec on, he announced that S.C. Gov. Nikki Haley would be his choice as U.S. Ambassador to the United Na ons. If, as it at appears likely, the choice is confirmed by the Senate, Lt. Gov. Henry McMaster will become South Carolina’s 117th governor. At the na onal level, there is considerable thought that the new administra on is good news for the banking industry. With Republicans now controlling both Congress and the White House, the coming year represents the best chance to enact regulatory relief, according to Rob Nichols, president of the American Bankers Associa on. “We have an administra on and many legisla ve leaders who want to get things done. We’re star ng at the 50-yard line,” he said. “However, the window to get things done is a 2017


Winter 2017 I Palme o Banker

window. It will get harder to get things done as we move toward the midterm elec ons in 2018. Fred Green, SCBA president and CEO, said the new administra on represents a “light at the end of the tunnel” in terms of regulatory relief. “With a new administra on comes new hope,” he said. “There is a very real opportunity for Congress to make changes that will bring a needed respite from the increasing onslaught of regulaons banks and bankers have been facing for much of the past decade.” Green encouraged South Carolina bankers to take part in the SCBA’s upcoming trip to Washington (March 20-22, 2017), as a means to underscore to the state’s elected officials the issues of importance to the banks, bankers and bank customers. Since Dodd-Frank’s passage in 2010, ins tu ons of all sizes have been affected by growing regula on that has hampering their ability to serve customers. A er six-plus years of Dodd-Frank, it has become clear to members of both par es that there are complica ons and unintended consequences associated with the law.

Another issue that some believe could come to the forefront quickly under the new administra on is the status of the Consumer Financial Protec on Bureau. There has been a call to push to modify the structure of the CFPB from a single director to a five-member board and push to subject the body to the Congressional appropria ons process. At the state level, far fewer major changes are expected in banking in the coming year, but there are other important issues to face. New Administra on Enigma c In the immediate a ermath of Trump’s elec on, the ABA and other groups had difficulty gauging how the new administra on would react to the banking industry, as Trump’s banking priori es had not received great a en on during the campaign. It is expected that the new administraon will take cues from Rep. Jeb Hensarling (R-Texas), chairman of the House Financial Services Commi ee, and Sen. Mike Crapo (R-Idaho), chairman of the Senate Commi ee on Banking, Housing and Urban Development. If there is to be posi ve change in

terms of reducing the regulatory burden banks today face, it will be essen al that Congress moves forward in a bipar san manner, par cularly in the U.S. Senate, according to Nichols. “We’re going to need 60 votes in the Senate to make significant changes to Dodd-Frank,” he said. “We’re going to have to work with a whole host of Democrats to go forward with the wide ranges of changes that we’d like to see.” However, Nichols said that even with the uncertainty that comes from having to rely on bipar sanship, the coming year should be an exci ng period for the U.S. banking sector. “We have possibili es that we Hansarling wouldn’t have had if the elecons results had turned out differently,” he said. Issues that will likely be discussed in this year’s legisla ve session include: • The Financial Choice Act, Hensarling’s proposal; • The Tailor Act, which requires that regula ons be tailored to fit an ins tu on’s business model and risk profile; and • A number of other provisions that would eliminate unnecessary compliance problems and costs. Much of the effort will directed at chipping away at Dodd-Frank, including such provisions such as the Durbin Amendment, Volcker Rule, and rules governing fiduciary du es. While many individuals believe that overturning Dodd-Frank itself may not be possible, they do think that it’s possible to repeal the more onerous aspects of the legisla on. Hensarling’s proposal includes a repeal of the Durbin Amendment, a government price control that has reduced access to low-cost bank accounts, would repeal the CFPB’s authority to ban bank products and services it deems “abu-

‘We have an administraon and many legisla ve leaders who want to get things done. We’re starting at the 50-yard line.’ –Rob Nichols President & CEO ABA sive” as well as requiring the Bureau to obtain permission before collec ng personal informa on from consumers, and hold financial regulators accountable by requiring that financial regulaons pass a cost-benefit analysis before enactment and that “major” regula ons be passed by Congress instead of unilaterally by unelected bureaucrats, such as the CFPB. The Financial Choice Act was passed by the House Financial Services Committee last summer but did not make it to the House floor before the end of the session. Pension, Infrastructure Hot S.C. Topics At the state level, the hot topics likely won’t be in banking but other areas, according to Tom DeLoach, president and CEO of S.C. Business & Industry Poli cal Educa on Commi ee, or BIPEC. “The three key issues this session will be the unfunded pension liability, infrastructure, and educa on and workforce development,” he said. The state’s unfunded pension liability is not only massive – es mates range up to $80 billion – but legislators aren’t willing to address the factors causing the problems, DeLoach said. The pension fund has been underfunded for years and will need to be shored up with more money, whether it comes from state workers, taxpayers or both. “Ten years ago, the General Assembly assumed a rate of return of 7.5

percent; the business community very plainly shared their thoughts that that was untenable, unreachable and quite frankly, irresponsible,” DeLoach said. “The General Assembly did it anyway. The 10-year annualized average rate we’ve achieved in South Carolina is 5.5 percent. What we’re talking about is 250 basis points from the plan to reality. That’s a huge difference.” DeLoach said there other issues with how the General Assembly is handling the plan, but that the bo om line is it’s not facing up to the reality that the fund is not being managed properly. Regarding infrastructure, the ques on in the coming session is to tax or not to tax. DeLoach believes there is significant support in both the House and Senate for a gas tax increase, provided that money goes specifically toward roads and bridges. Finally, educa on remains, as always, a key issue in South Carolina poli cs. “The perpetual call is ‘give me more money if you want be er results,’ well, we’ve increased funding for the past four years and haven’t seen be er results,” DeLoach said. “Unfortunately, you can’t legislate parental involvement.” On the posi ve side, workforce development con nues to receive significant a en on from the business community. “People are finally beginning to appreciate the fact that in order to earn a very good living you don’t need a fouryear degree,” he said. One of the keys is insuring that the curriculum of high schools, technical colleges and four-year colleges offer a prac cal curriculum, DeLoach added. Crucial to effec ng posi ve change is le ng legislators know the feelings of their cons tuents. Le ers, phone calls and emails are important ways of making your voice heard. The more ac ve bankers are, both at the state level and na onally, about what they need to be successful, the bigger the impact it will have on lawmakers. Winter 2017 I Palme o Banker



First Black-Owned Bank had Roots in South Carolina By Kevin Dietrich Palme o Banker Editor

died or had returned to their homes without closing out accounts. At the same me, there were approxiinority-owned banks began to mately 4 million former slaves across emerge in the late 19th centuthe Southern states and the District of ry in response to segrega on, Columbia. Government and military absence of opportunity at mainstream officials, recognizing the long-term need banks and thri s, and a lack of confito help newly freed blacks become dence in the na on’s financial system. more financially stable and expand their Over the past roughly 130 years, more access to capital, decided to redirect than 150 black-owned banks have been this money into a federally incorporated started in the U.S., including at least two ins tu on called the Freedman’s Savwas opened in Beaufort. In 1864, Union ings and Trust Co., be er known as the in South Carolina: Victory Savings Bank, Gen. Rufus Saxton created the Military which began in 1921; and South CaroFreedman’s Bank. Savings Bank at Beaufort, which eventulina Community Bank, which opened in The man behind the effort was John W. ally was known as the South Carolina 1999. Alvord, a Congrega onalist minister and Freedmen’s Savings Bank. Its goal was But the original bank geared toward aboli onist. assis ng blacks can be traced to the end to secure the deposits of African-AmerAlvord, had spent me with black ican soldiers and civilians. Other banks, of the Civil War, and it had roots in the soldiers and recently freed African also overseen by Union generals, were Palme o State. Americans and recognized the financial opened in federally occupied areas of The Freedman’s Bank and Trust Co. struggles they faced. Virginia and Louisiana, also home to In a mee ng in 1865 in New York, was started in 1865 to help newly large numbers of black soldiers and emancipated blacks. It would eventually Alvord met with more than 20 philanemancipated slaves. open more than 30 branches, includthropists and leading members of the As the war wound down, hundreds of ing offices in Beaufort and Charleston, business community to explore the thousands of dollars sat in these banks idea of establishing a savings bank for during its nine years of opera on, then unclaimed: Many depositors either had falter following a devasta ng financial the benefit of black soldiers. Alvord crisis that le a substanunderstood that a al number of African permanent savings bank Americans poorer and was needed if African Americans were to wary of financial ins tumake a successful tranons in general. si on from bondage to The Freedman’s Bank’s freedom and to be truly roots reach back to the incorporated into the Civil War. As the conflict economic mainstream progressed, significant of American society. numbers of blacks joined He proposed estabthe Union army, freed lishing a “benevolent” slaves made their way banking ins tu on that into federal territory, would provide black and increasing numbers soldiers with a secure of refugees followed U.S. place to save their armies or se led around money and at the same Union army camps. The me encourage “thri federal government and industry.” recognized the need to He told the group that establish banks to assist many black soldiers blacks, most of whom Loca on of Charleston office of Freedman’s Bank from 1869-1874, at 56-58 receiving back pay and had not had the means Broad St. Building was constructed in two stages between 1798 and 1800 by bounty payments for or the opportunity to John Geddes, who served as governor from 1818 to 1820. The present facade enlis ng in the service save money previously. appears to date from a er the bank closed. had no safe place to The first of these banks



Winter 2017 I Palme o Banker

‘The bank’s affairs were marred by shenanigans and incompetence that would have the makings of a grade B slaps ck movie, were it not for the heartbreaking ending.’

deposit their money. Others were squandering their pay or being vic mized by swindlers, according to Carl R. Osthaus’s 1976 work Freedmen, Philanthropy, and Fraud: A History of the Freedman’s Savings Bank.

rup on that was pervasive during Reconstruc on, the ins tu on fell vic m to mismanagement, University of California at Davis assistant professor Alan L. Olmstead wrote in a 1976 review of Osthaus’s work Freedmen, Philanthropy, and Fraud:

Freedman’s Bank Established President Abraham Lincoln From the start, the bank’s afestablished the Freedman’s Bank fairs were marred by shenanion March 3, 1865, as part of the gans and incompetence that Freedman’s Bureau, a federal would have the makings of a government agency established grade B slaps ck movie, were to aid emancipated slaves in the it not for the heartbreakSouth. The bank originally was ing ending. Accountants and headquartered in New York, but cashiers knew li le or nothing it later moved to the current site about banking or bookkeeping. of the Treasury Annex building in The bank’s founder and one Washington, D.C. of its presidents, favorably deIni ally, the bank was designed scribed as a financial nincomto be a conserva ve ins tu on. poop, founded new branches Bank deposits were to be invested with the abandon with which in stocks, bonds, Treasury notes a religious zealot might found or other U.S. securi es, and the new missions on the eve of the bank’s charter suggested that no second coming. The bank was loans were to be made. in the red right from the start Early 1870’s adver sement for Freedman’s Bank in a The Freedman’s Bank, created and too impoverished to hire Charleston newspaper, above ads for other area businesses. in the mold of a mutual savings competent accountants, yet bank, differed from other mutuals its management spent lavishly its ascent from bondage. in two aspects: It was granted a federal on buildings and furnishings. The rise of the Freedman’s Bank, and charter rather than a state charter, of recently freed blacks, is evident from In addi on, economic cycles followwhich allowed it to become one of the short ar cles which appeared in South ing the war hurt yields on government first mul -state banks in U.S. history; Carolina newspapers during the first securi es, a main cog in the bank’s and its trustees were all from Northern half of Reconstruc on. states, with no local trustees for any of investment por olio and hindered its In January 1868, the Charleston Daily ability to pay a rac ve dividends to its dozens of branches. The la er meant News reported the ins tu on was paythat the ins tu on’s trustees would depositors. ing 5 percent interest on “all sums of To offset this, the bank’s management have li le knowledge of or control over five dollars and upwards deposited for day-to-day opera ons. team pushed for Congress to liberalize six months prior to January 1,” adding the terms of its charter, giving it the During its existence, The Freedman’s that the office was “increasing in popuability to make loans backed by real Bank maintained some 37 offices in 17 larity, and is doing a large business.” states and the District of Columbia. At By June 30, 1870, the Charleston News estate, according to OCC historian Jesse S ller. its height, the bank had more than $57 reported that the Freedman’s Bank had “Congress went along. A er all, acmillion in deposits (adjusted for infla2,469 open accounts, and $156,756.92 cess to finance for housing and related on) and 70,000 depositors. in deposits. That was up from 1,846 purposes, then as now, was a ma er of The Charleston office opened at least accounts and $98,625.53 in deposits a compelling public policy,” S ller stated. as early as January 1866, on State year earlier, according to the paper. “Unfortunately, history has repeatedly Street, and the Beaufort loca on also shown the error of expanding bank began that year. By 1869, the Charles‘Shenanigans and Incompetence’ ton office was located on Broad Street. However, despite the apparent growth powers without providing a commenThe vast majority of deposits were surate increase in official oversight and and good health in South Carolina, the between $5 and $50, representa ve of risk management.” bank was in trouble by the early 1870s. an emerging group that was beginning See Freedman, page 28 Perhaps not surprising given the corWinter 2017 I Palme o Banker


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Banking Data

South Carolina Banking at a Glance SÊçã« CƒÙʽ®Äƒ BƒÄ»®Ä¦ IÄÝã®ãçã®ÊÄÝ




Total number of Financial InsƟuƟon in S.C. InsƟtuƟons headquarterd in S.C. InsƟtuƟons headquarterd out of S.C. S.C. Total Deposits Total Deposits for out-of-state banks Total Deposits for S.C.-headquartered banks Total number of bank oĸces in S.C.

86 58 28 $79.02 B $58.03 B $20.99 B 1287

90 63 27 $75.10 B $54.00 B $21.10 B 1324

91 66 25 $69.91 B $42.46 B $27.45 B 1358

3 $7.54 B 5

1 $4.99 B 6

2 $11.38 B 8

$3.26 B 50 $10.17 B $203.5 M $24.2 M

$4.81 B 56 11.30 B $201.9 M $23.2 M

$5.98 B 75 $13.55 B $180.6 M $19.1 M

S.C.-C«ƒÙã›Ù›— BƒÄ»Ý Number of banks over $1 billion in deposits Total S.C. deposits for these banks Number of banks with deposits greater than $500 million and less than $1 billion Total S.C. deposits for these banks Number of banks with deposits less than $500 million Total S.C. deposits for these banks Average size of these banks Smallest bank headquartered in S.C.

LƒÙ¦›Ýã BƒÄ»Ý, ù D›ÖÊÝ®ãÝ, ®Ä SÊçã« CƒÙʽ®Äƒ Bank State Wells Fargo SD Bank of America NC BB&T NC First CiƟzens Bank NC South State Bank SC TD Bank DE NBSC, a division of Synovus GA SunTrust Bank GA Bank of North Carolina NC United Community Bank GA CresCom Bank SC Southern First Bank SC The Conway NaƟonal Bank SC *in thousands Source: FDIC Summary of Deposits, June 30, 2016

S.C. Oĸces 148 82 112 149 89 68 39 45 27 25 20 9 15

Deposits* $16,073,606 $11,781,295 $7,888,928 $6,719,114 $5,433,680 $3,881,654 $3,059,226 $2,928,715 $1,146,462 $1,074,510 $1,056,636 $1,053,072 $875,750

Market Share 20.34% 14.91% 9.98% 8.50% 6.68% 4.91% 3.87% 3.71% 1.45% 1.36% 1.34% 1.33% 1.11%

Winter 2017 I Palme o Banker


Legisla ve Recep on

SCBA Legislative Reception Enjoys Strong Turnout

Some 400 bankers, associate members and elected officials a ended the annual South Carolina Bankers Associa on Legisla ve Recep on, held Jan. 10 at the Columbia Museum of Art. Among those who a ended this year’s event were S.C. Senate President Pro Tempore and Senate Finance Committee Chairman Hugh Leatherman (R-Florence), S.C. Senate commi ee chairmen Kevin Bryant (R-Anderson), Ronnie Cromer (R-Newberry), Chip Campsen (RCharleston), Tom Davis (R-Beaufort) and

Thomas Alexander (R-Oconee). On the House side, commi ee chairmen Alan Clemmons (R-Horry), David Hio (R-Pickens), Bill Sandifer (ROconee) and Leon Howard (D-Richland) were on hand. Other notables included former Gov. Jim Hodges, new S.C. Banking Commissioner Bob Davis, state Treasury Cur s Lo is, Secretary of State Mark Hammond and state Supreme Court jus ces Costa Pleicones and John Few. There were also numerous individu-

als who serve on the boards of state schools, lower courts and, of course, bankers from across the state, including several former chairman of the SCBA. “The weather was wonderful, the venue was outstanding and we enjoyed our usual strong turnout,” said SCBA President and CEO Fred Green. “This is a popular event because it gives bankers and legislators the opportunity to discuss issues in friendly atmosphere, and it helps our bankers reinforce rela onships with their legislators.” From top, clockwise: Sen. Hugh Leatherman and Blake Gibbons, The Ci zens Bank. Secretary of State Mark Hammond, Sen. Thomas Alexander, SCBA President and Chief Execu ve Fred Green and SCBA Chairman and South State Corp. Chief Execu ve Robert Hill. Bottom three photos are iden fied on following page.


Winter 2017 I Palme o Banker

From top, clockwise: Rep. David Hio , SCBA Chairman and South State Corp. CEO Robert Hill and Frank Townsend, South State Bank. Sen. Kevin Johnson, Blake Gibbons, The Ci zens Bank and Peter Shand, BDC/CDC. Robert Hill and Sen. Kevin Bryant. New S.C. Banking Commissioner Bob Davis, Rick Saunders, First Reliance Bank and Mike Crapps, First Community Bank. Bo om right: Jennifer Ashburn, Sandhills Bank and Sen. Greg Hembree. Bo om le : Sen. Ronnie Cromer, Dorn Smith, The Ci zens Bank and Hubert Mobley, USC Board of Trustees. Middle le : Sen. Tom Davis and Kevin Lindler, First Ci zens Bank. Opposite page, bo om right: Rep. Ralph Norman, Robert Hill and Rep. Dennis Moss. Middle: John Poole, Carolina Alliance Bank, Rep. Bruce Bannister and Rep. Eddie Tallon. Bo om le : Mze Wilkins, Ameris Bank and Rep. Jerry Govan. Winter 2017 I Palme o Banker


Legisla ve Preview

Transition Comes with New S.C. Legislative Session Neil Rashley SCBA General Counsel


he South Carolina General Assembly returned for the beginning of its two-year session on Jan. 10, 2017, fresh off the 2016 General Elec on with many new senators and representa ves. Along with these new legislators were more than 500 bills already prefiled for considera on. The 2016 state and na onal general elec ons also brought significant changes to the South Carolina State House. In the Senate nine new senators were elected. The changes in the Senate also meant new chairmen for two key commi ees for banking. Senate Banking and Insurance has a new chairman, Sen. Ronnie Cromer (R-Newberry) and Senate Judiciary also has a new chairman, Rashley Sen. Luke Rankin (R-Horry). Sen. Hugh Leatherman (R-Florence) will con nue as Senate President pro tempore as well as Sen. Shane Massey (R-Edgefield) as Majority Leader and Sen. Nikki Setzler (D-Lexington) as Minority Leader. Republicans have a 28-18 majority over Democrats in the Senate. In the House 20 new members were elected and chairmen of all commi ees important to banking were re-elected: Rep. Bill Sandifer (R-Oconee) as head of Labor, Commerce and Industry; Rep. Greg Delleney (R-Chester), Judiciary; and Rep. Brian White (R-Anderson) Ways and Means. Rep. Jay Lucas (R-Darlington) was re-elected Speaker of the House and Rep. Tommy Pope (R-York) will con nue as Speaker pro tempore. Rep. Gary Simrill (R-York) is the new Majority Leader and Rep. Todd Rutherford (D-Richland) will con nue to serve as Minority Leader.


Winter 2017 I Palme o Banker

Republicans now have an 80-44 majority over Democrats in the House. The most unexpected change to the state house came from the presiden al elec on: President-elect Trump nominated Gov. Haley to be the United States Ambassador to the United Na ons. Upon her confirma on, which should be early in the term, Lt. Gov. McMaster will then become Governor. Lt. Gov. McMaster has served as lieutenant governor since 2011. Previous to that he was South Carolina’s A orney General from 2003-2011 and U.S. A orney for South Carolina from 1981-1985. Based on the SCBA’s previous work with him as a orney general, it is an cipated he will con nue his favorable stance toward South Carolina’s banks. As stated above, the session is young and more than 500 bills have already been prefiled. In the next few months at least 500 more will be filed. Along with these bills the General Assembly is expected to deal with significant statewide issues such as pension reform and transporta on infrastructure funding. Addi onally, the House Tax Study Commi ee will con nue to meet and s ll plans to introduce a bill addressing inequi es in property, sales and income taxa on. Among the many prefiled bills many have some impact on banking and the following are some of the more noteworthy ones: Mortgages and Appraisals - H3304 authorizes Property Assessed Clean Energy (PACE) loans that are made by local governments or private en es to businesses to finance upgrading to energyefficient systems. The PACE lien would be senior to an exis ng mortgage but the mortgagee must consent to this lien posi on as well as the loan – posi ons advocated by SCBA. SCBA is opposed to residen al PACE loans and this has not been proposed. Also in mortgages S95 makes it a criminal act to use any mortgage informa on recorded in a register of deeds office

for commercial solicita on and H3004 reduces the me required to file a mortgage sa sfac on from three months to thirty days. Although there is not a bill yet, one that establishes a licensing and regulaon system for Appraisal Management Companies, as required by federal law, will be introduced this session. Financial Exploita on of Vulnerable Adults – No bill has been introduced yet; however, Sen. Thomas Alexander (R-Oconee) has shown strong interest in introducing a bill that addresses problems in South Carolina’s Vulnerable Adult statutes. SCBA is presently involved with working groups at the South Carolina Bar and AARP that are reviewing these statutes for major revision. SCBA con nues its posi on that there should be no mandatory repor ng for bankers unless there is evidence of actual fraud. Personal Finance Educa on - S30 would require high school students to take a ½-credit course in personal finance as a requirement for gradua on in place of the exis ng economics coursework requirements. There would also be an end-of year exam. Consumer Lending – Although most prefiled consumer lending bills focus on payday and tle lending, there were two prefiles concerning arbitraon agreements. H3202 would make an arbitra on agreement void if the consumer had no meaningful choice in nego a ng the terms of the arbitraon agreement or the agreement did not provide a guaranteed benefit to the consumer. H3203 states that any contract that is subject to arbitra on must have a prominent no ce in the contract that it is subject to arbitra on. SCBA will closely follow both of these bills to preserve banks’ rights to establish reasonable and fair provisions of arbitra on to se le claims – provisions that are much be er for all par es than costly li gaon. See Preview, page 26

Meet Your Legislator

Cromer Takes Charge of Senate Banking Committee By Kevin Dietrich Palme o Banker Editor


hose who don’t know Sen. Ronnie Cromer may wonder how the small-town pharmacist came to be chairman of the Senate Banking and Insurance Commi ee. Life experience, said the Newberry Republican, who recently succeeded Wes Hayes as head of the Senate Banking Commi ee. Cromer has served for 12 years on Senate Banking, nearly as long as he’s been in the legislature. He joined the Senate in 2003, winning a special elec on a er Andre Bauer was elected lieutenant governor. Cromer is no novice to leadership or financial services, having chaired approximately 90 percent of the Senate Banking Subcommi ee mee ngs during the past four Cromer years, according to his own calcula ons. In addi on, he was one of the founders of Mid State Bank, a Newberry-based ins tu on begun in 1997 that ini ally was one of five separate banks owned by Greenwood-headquartered Community Capital Corp. Community Capital later merged the different banks into a single ins tu on, called CapitalBank, and the holding company was acquired by Park Sterling Corp in 2011. “As part of the start-up process we had to go through all sorts of examina ons, and let me tell you, it was like an FBI inves ga on,” Cromer said. “So I don’t claim to be a banker per se, but I do have a fair amount of banking experience.” Cromer added that he also has the benefit of capable assistants. “People may wonder how you can know enough to be a Senate chairman

Cromer first got the itch for public service as a youngster while a ending Pomaria Elementary School in the mid-1950s. when, if you’re someone like me, you’re a pharmacist by profession,” he said. “But when you combine life experience and you have a staff that can get you per nent informa on, it enables you to have the knowledge you need when you need it.” Cromer, 69, said he first got the itch for public service as a youngster while attending elementary school in Pomaria, popula on 180, in the mid-1950s. “During our third grade field trip to the State House, I remember si ng in the balcony while the House was in session, watching people scurry around,” he said. “As an 8-year old it was pre y impressive: I said ‘I want to do that someday.’ “Today, when kids visit the State House, I’ll meet with them and I’ll speak to all my third graders and tell them that it was when I was their age that I decided I wanted to be in the legislature. And I add that here among them could be a legislator, a governor or even a future president.” The 17-member Senate Banking Commi ee will feature five new members this term: Mike Gambrell, R-Anderson; Brad Hu o, D-Orangeburg; Katrina Frye Shealy, R- Lexington; Ross Turner, R-Greenville; and William Timmons,

Ronnie Cromer Title: State Senator, District 18 (Newberry, Lexington, Union coun es. Hometown: Pomaria. Age: 69. Profession: Pharmacist. Educa on: Bachelor’s Degree, University of South Carolina. Family: Wife, Linda; two daughters.

R-Greenville. Cromer, whose district includes Newberry County, along with parts of Lexington and Union coun es, served as chairman of the Senate Rules Commi ee prior to being elected Senate Banking chairman. He has also served as chairman of Fish, Game and Forestry. He con nues to serve on the Rules Commi ee and also serves on three other Senate commi ees: Finance; Fish, Game and Forestry; and Invita ons. Cromer is one of several legislators who begin new roles as Senate committee chairmen this term: •

Sen. Shane Massey, R-Edgefield, will replace Cromer as the chairman of the Rules Commi ee; Sen. Luke Rankin, R-Horry, is now head of Senate Judiciary Committee, in place of Sen. Larry Mar n; Sen. Paul Campbell, R-Berkeley, has taken Rankin’s posi on as chair of the Senate Ethics Commi ee; and Senator Shane Mar n, R-Spartanburg, has been appointed chairman of the Correc ons and Penology Commi ee, replacing Sen. Mike Fair.

Cromer said he doesn’t an cipate any major banking or insurance issues that might come before the legislature during the 2017 session. Many of the major changes being proposed for the banking industry are at the federal level, he said. “The only major issue that I can see might be how quickly the feds might act on the Affordable Health Care Act,” he said. How much of the above is moved forward and what its impact will be on the state – and the state legislature – remains to be seen. “I’m looking forward to the next four years,” Cromer added. “I don’t feel like there will be a lot of controversy, but, in full disclosure, I have had this feeling before and it hasn’t worked out that way.” Winter 2017 I Palme o Banker



SCBA Features Selection of Events Targeting Growth With the new year comes new opportunity for growth and development. The SCBA has a host of seminars, conferences and workshops in the coming months through which bankers at all levels can improve their abili es and be er their ins tu ons. “There’s a difference between working harder and working smarter, said SCBA Senior Vice President E. Anne Gillespie. “The SCBA has developed educa onal events that enable bankers to keep up with rapid changes in the industry, and also helps them to work smarter, benefi ng not only themselves, but also their banks.” In addi on to such highly touted events as the Young Bankers Conference (details about which can be found on page 25) and the SCBA Washington Trip (next page), the Bankers Associa on has a number of other important educaonal events scheduled for the coming months:


Winter 2017 I Palme o Banker

‘There’s a difference between working harder and working smarter. The SCBA has developed educa onal events that enable bankers to keep up with rapid changes in the industry, and also helps them to work smarter ... ’ –E. Anne Gillespie SCBA Senior Vice President •

The SCBA Safety and Soundness Workshop, Feb. 9 at the Inn @ USC Wyndham Garden in Columbia; The SCBA Human Resources Conference, Feb. 17 in Columbia;

The SCBA Directors and Managers Workshop, March 14, in Columbia; • The SCBA Bank Opera ons Conference, April 6, in Columbia; and • The SCBA Trust and Wealth Management Conference, April 25, in Columbia. Also, the 2017 South Carolina Bankers Associa on’s Annual Conven on will be held June 8-11 at The Ritz-Carlton in Naples, Fla., and the 2017 session of the South Carolina Bankers School will take place July 9-14 at Lander University in Greenwood. For more informa on on the above educa onal events contact SCBA Senior Vice President E. Anne Gillespie at 803.779.0850, or by email at For informa on on the South Carolina Bankers School contact SCBA Senior Vice President Carolyn E. Laffi e at 803.779.0850, or by email at carolynlaffi

SCBA Washington Trip

2017 SCBA Washington Trip Comes at Exciting Time With a new presiden al administraon taking the helm, this year’s SCBA Washington Trip/ABA Government Rela ons Summit, set for March 20-22, 2017, promises to provide an interesting insight into changes in the na on’s capital. “The Washington Trip is always informa ve and produc ve, but when you factor in the new presiden al administra on and all the other changes taking place in the capital, this is a unique opportunity to see firsthand what transforma ons are in store for our industry and country,” said SCBA President and CEO Fred Green. For those arriving early on Sunday evening, we’re planning a casual dinner, similar to that of recent years. In addi-

on, we hope to arrange a dinner with several members of our Congressional delega on on Monday evening. Following lunch on Tuesday, we’ll spend the a ernoon on the Hill visi ng with our delega on. The Federal Home Loan Bank of Atlanta is sponsoring a dinner that evening. Last year some 30 bankers made the trip to the na on’s capital to meet with members of the state’s Congressional delega on. The trip is valuable because it offers bankers a rare opportunity to gain valuable face me with the elected officials in Washington. This year’s trip will be even more cri cal with the change in administra ons and the ongoing effort by bankers for

meaningful regulatory relief. For more informa on about a ending the conference, contact the ABA at 800.226.5377 or the SCBA’s Anne Gillespie at 803.779.0850. A endees will be able to stay at the Washington Marrio Marquis. A room block has been reserved for SCBA members, with a March 7 cutoff date. Reserva ons received a erward will be accepted on a space-available basis at the prevailing rate. The Washington Marrio requires a credit card to guarantee accommoda ons. All reserva ons as well as changes in arrival, departure or type of accommoda ons must be made in wri ng directly through or by fax at 202.663.7543.


SCBA WASHINGTON TRIP/M ARCH 20-22, 2017 20-22, 2017 MARCH The South Carolina Bankers AssociaƟon’s annual Washington, D.C., trip oīers bankers the chance to travel to our naƟon’s capital, talk with members of our state delegaƟon, meet with regulators and make certain those in power understand our concerns. Last year, some 30 bankers took part in the excursion and enjoyed extended sessions with several South Carolina congressmen. Don’t miss out on this unusual opportunity to make your voice heard.

For more InformaƟon on the 2017 SCBA Washington Trip, please contact Anne Gillespie at the South Carolina Bankers AssociaƟon at 803.779.0850, or by email at Winter 2017 I Palme o Banker


South Carolina Bankers Association 2016-17 BankPAC Honor Roll Thank you to the following institutions, their directors and employees who supported the banking industry by contributing to the 2016-17 SCBA BankPAC campaign, raising more than $75,000. Your support is graciously appreciated. Abbeville First Bank, SSB Ameris Bank Anderson Brothers Bank Arthur State Bank Atlantic Community Bank Bank of America, National Association Bank of Clarendon Bank of North Carolina Bank of Travelers Rest Bank of Walterboro Bank of York Blue Ridge Bank Branch Banking and Trust Company Carolina Alliance Bank Citizens Building and Loan, SSB Clover Community Bank Coastal Carolina National Bank CoastalStates Bank Cornerstone National Bank Countybank CresCom Bank Enterprise Bank of South Carolina First Community Bank First Citizens Bank GrandSouth Bank Greer State Bank

Home Federal Savings and Loan Association Horry County State Bank Independence National Bank Kingstree Federal Savings and Loan Association NBSC, a division of Synovus Bank Palmetto Heritage Bank & Trust Palmetto State Bank Park Sterling Bank Pickens Savings and Loan Association, FA Regions Bank Sandhills Bank Security Federal Bank ServisFirst Bank South Atlantic Bank South State Bank Southern Bank & Trust, a division of Georgia Bank and Trust Southern First Bank Spratt Savings and Loan Association The Citizens Bank TIB - The Independent Bankers Bank Wells Fargo Bank, National Association Woodruff Federal Savings and Loan Association


A ‘Thank You’ to All Who Contributed to BankPAC I have enjoyed chairing the SCBA BankPAC this year and the results were extraordinary. The 2016 SCBA BankPAC effort proved the most successful in the Associa on’s history, bringing in nearly $77,000 from 48 ins tu ons. The percentage of member banks contribu ng to the SCBA BankPAC rose to 64 percent from 62 percent resulting in a $4,700 increase over 2015. The well-funded SCBA BankPAC is crucial for our industry for a number of reasons, most importantly, Dolyniuk it enables our banking community to support lawmakers who are banking and business friendly. While government rela ons is at the forefront of the services the Bankers Associa on offers its members, it’s cri cal that we do what we can to ensure that the State and Federal delega on is populated by men and women who understand the issues facing banking and the impact on our ci zens of South Carolina. When legislators act on issues that affect the banking industry, it’s vital our lawmakers have familiarity with these issues and are willing to listen to our posi on based on facts. This is par cularly important when poten al legisla on is presented proving detrimental to financial services. Our access to lawmakers quickly enables us to explain why such bills are harmful for the industry and the ci zens of South Carolina. Your contribu on to SCBA BankPAC gives you the unique opportunity to impact issues on statewide and na onal level, thereby shaping legisla on that directly affects both the industry and your local environment. It’s important to note that SCBA BankPAC is non-par san. Party labels are

not considered when it comes me to support lawmakers. BankPAC focuses solely on those who stand with the banking industry and its interests, which enhances and promotes a healthy business climate in South Carolina. With the onslaught of federal regulaon, unfair compe on and encroachment into financial services by non-bank en es in recent years, inac vity isn’t an op on. It is impera ve to have our voice heard, otherwise, we cede our posi on to our opponents. SCBA BankPAC is the means to accomplish this important task. Any employee, officer, director or shareholder of a South Carolina bank or thri can contribute to SCBA BankPAC. Corporate contribu ons to SCBA BankPAC can be accepted from statechartered banks and thri s. The SCBA has two PACs, a state PAC and a federal PAC. The former goes to support lawmakers for the state legislature and state cons tu onal offices, while the la er provides support our

congressional delega on. Again, a special thank you to all who contributed to 2016’s record BankPAC effort. Your contribu ons will go far in helping improve South Carolina’s banking environment. I encourage all of our banks to consider

‘Some find poli cs distasteful, but the reality is that if you’re not out there making your voice heard, you’re ceding the game to your opponents.’ par cipa on, thereby, giving us an even stronger voice in the future. (Randy K. Dolyniuk is chairman and chief execu ve officer of CoastalState Bank and chairman of the SCBA BankPAC.)

Winter 2017 I Palme o Banker


Execu ve News Anderson Brothers Bank Anderson Brothers Bank recently appointed Execu ve Vice President S. Rusty Richardson as chief opera ng officer. This move expands Richardson’s oversight to include deposit opera ons, compliance, BSA and human resources while retaining his current responsibilies in credit administra on. Ci zens Building and Loan Jennifer T. Jones, named the SCBA’s Outstanding Young Banker last year, took over as president and chief execuve officer of Ci zens Building and Loan on Jan. 1, replacing Tommy Johnson, the long me South Carolina banker who re red. Jones joined CBL in 2000 and has been promoted to posi ons of increasing responsibility during her tenure. Her current role includes supervising the bank’s team of loan officers and administra ve professionals; research-

ing and implemen ng new products, procedures and regula ons; assis ng with daily bank opera ons; and ac ng as liaison with the board of directors. Johnson will con nue to work with Greer-based CBL as a consultant to its officers, employees and board of direcJones tors. He joined Ci zens Building and Loan in 2009 and has many decades of banking experience.

First Community Bank Tanya Bu s was recently appointed by First Community Bank to the newly created posi on of chief opera ons officer and chief risk officer. Bu s leads a team

responsible for the day-to-day operaonal ac vi es of the bank including informa on technology, deposit and loan opera ons, compliance, audit, security and facili es.

GrandSouth Bancorp. GrandSouth Bancorp., the parent of GrandSouth Bank, recently hired Richard Harrington as senior vice president and chief credit officer. Oconee Federal Financial Corp. Cur s Eva has been appointed chief execu ve officer of Oconee Federal Financial Corp., the company announced late last year. He adds the tle to those of president and CFO. The board of Oconee Federal Financial Corp. recently named T.R. Eva execuve chairman. Both appointments took effect Jan. 1, 2017.

Nat Green Joins BDC as VP/Loan Officer Veteran commercial banker Nat Green has joined Business Development Corporation (BDC) as Vice President and Loan Officer. Nat will be responsible for BDC’s SSBCI Loan Participation Program. Green has served the banking industry for two decades, most recently as vice president and commercial lender at VistaBank in Aiken, where he managed the loan department and a $31 million business and retail loan portfolio. He also has a vast array of experience with various regional and community banks.

Team of Loan Officers

Nat Green Vice President and Loan Officer

Connally Bradley – Peter Shand – Nat Green –

BDC partners with banks in South Carolina to bring your customers the most innovative lending solutions. To learn more about how your bank can partner with BDC, give us a call today at 803.798.4064 or visit us online at


Winter 2017 I Palme o Banker

Banking News

Bank of America Bank of America was a proud recipient of the Virgil C. Summer Corporate Award at the 49th annual Columbia Urban League Equal Opportunity Day dinner on Nov. 3. The Virgil C. Summer Corporate Award recognizes exemplary achievements of an individual or business for promo ng corporate social responsibility. Bank of America was recently presented with the Excellence in Workplace Diversity Award by the S.C. Chamber of Commerce at the organiza on’s annual summit.

Carolina Alliance Bank Carolina Alliance Bank announced in early January plans to form a holding company. The forma on of a bank holding company is subject to regulatory and shareholder approval. If approved, Carolina Alliance Bank will become a wholly-owned subsidiary of the holding company. Carolina Alliance Bank Kimberly CEO John Poole has transi oned to become CEO of the proposed holding company formed and handed bank CEO du es to Carolina Alliance President John Kimberly. Carolina Financial Corp. Carolina Financial Corp., the parent of CresCom Bank, signed a defini ve merger agreement in November to acquire Greer Bancshares Inc., the parent of Greer State Bank. A er the deal is completed, Greer State Bank’s four Upstate branches will be merged into CresCom. The transac on is expected to close in the first quarter of 2017. The combined company will have approximately $2 billion in assets, $1.6 billion in loans and $1.5 billion in deposits.

Carolina Financial Corp. filed a shelf registra on for the poten al sale of up to $100 million of securi es from me to me. The filing covers the sale of debt securi es, preferred stock, depositary shares, common stock, purchase contracts, units, warrants, or rights consis ng of two or more securi es.

Coastal Carolina Na onal Bank Coastal Carolina Na onal Bank has made a series of management changes following the recent acquisi on of Aiken-based VistaBank by Coastal parent Coastal Carolina Bancshares, Inc. Coastal Carolina promoted Chief Kinard Financial Officer Dawn Kinard to execu ve vice president; Senior Vice President Chris McElhinny to chief credit officer; and Senior Vice President Jus n Lee to commercial banking director. GrandSouth Bancorp. GrandSouth Bancorp., the parent of GrandSouth Bank, recently announced it has opened branches in three new markets within the past year. The Greenville-headquartered company opened an office in Orangeburg this past September, a loca on in Columbia in August and a branch in Greer in December 2015. The Orangeburg office is led by Market President Michael Delaney; the Columbia loca on by Market President David Anderson; and the Greer branch by Market President Jack Lucas. Iberiabank Corp. Iberiabank Corp. and subsidiary Iberiabank have expanded into the South Carolina Upstate with the addi on of Samuel L. Erwin as execu ve vice president and regional president of South Carolina for Iberiabank. Erwin, treasurer of the South Carolina Bankers Associaon Board of Directors and the 2005

Young Banker of the Year, has more than 25 years of banking experience, including a recent tenure as chief execu ve officer of The Palme o Bank and parent company Palme o Erwin Bancshares.

Security Federal Bank The FDIC recently gave “outstanding” CRA ra ngs to four banks, with Security Federal Bank of Aiken being the only one located in the Southeast. The others were located in Nebraska, Delaware and Maryland. South State Corp. South State Corp. completed its acquision of Augusta, Ga.-based Southeastern Bank Financial Corp. in early January. Georgia Bank & Trust Co. of Augusta, a subsidiary of Southeastern Bank, merged with South State Corp.’s banking unit, South State Bank. With the deal completed, South State Corp. has assets approaching $11 billion, making it the largest state-based bank. All 12 branches of Southeastern Bank Financial, nine in Georgia and three in South Carolina, have been added to South State’s footprint. South Carolina Bankers Associa on The South Carolina Bankers Associa on has expanding its offerings through a partnership with Total Training Soluons, which provides both live and on-demand webinars. TTS webinars allow bankers across South Carolina to save on me and money by giving them the opportunity to access a wide array of topics presented by industry experts from within their own ins tu ons. For more informa on on SCBA webinars and specific topics, contact Execu ve Vice President E. Anne Gillespie at 803.779.0850 or by email at agillespie@ Winter 2017 I Palme o Banker


Personal Transac ons



Anderson Brothers Bank Anderson Brothers Bank recently promoted Tamra Cannon to the new posi on of chief retail officer. Anderson Brothers Bank has named Jason Hucks branch manager of the ins tu on’s Aynor office. Vice President Joanne Joyner has been appointed deposit compliance officer by Anderson Brothers Bank. Stephanie Byrd and Tamra Cannon of Anderson Brothers Bank recently attended Bank Security Ins tute classes in September and completed its cer ficaon exam. Byrd is Anderson Brothers Bank’s chief technology officer while Cannon is the ins tu on’s chief retail officer.

Carolina Alliance Bank Robert Halfacre joined Spartanburgbased Carolina Alliance Bank as senior vice president and commercial banking officer in its office in Anderson. Coastal Carolina Na onal Bank Senior Vice President Sco Benninga has been promoted to mortgage banking director by Coastal Carolina Na onal Bank. Bob Bigger recently joined Coastal Carolina Na onal Bank as vice president, Aiken City Execu ve. Coastal Carolina Na onal Bank has announced that Robert Hucks, senior vice president, North Strand Market Execuve, has assumed overall leadership 22

Winter 2017 I Palme o Banker




responsibility for the Conway market in addi on to his North Myrtle Beach market du es.

Independence Na onal Bank Paula King has joined Independence Naonal Bank as chief compliance officer.

CresCom Bank Bill Langfi has been promoted to senior vice president by CresCom Bank.

ServisFirst Bank John Douglass has been named senior vice president by ServisFirst Bank in the ins tu on’s Charleston office

First Community Bank The Clemson University Young Alumni Council recently recognized Manning Crapps of Lexington-based First Community Bank, as part of the 2016 “Roaring 10” – young alumni who have made an impact in business, leadership, community, educa onal and/or philanthropic endeavors. Crapps serves as a financial consultant for First Community. Honorees are selected based on their con nued efforts to uphold the university’s core values of honesty, integrity and respect. The “Roaring 10” is Clemson Young Alumni Council’s most pres gious award.

ServisFirst Bank has appointed Jason Dolinski mortgage loan officer. DeAnn Grayson was recently named senior vice president by ServisFirst Bank in its Charleston office.

South Atlan c Bank Yolonda Bryant has been promoted to assistant vice president by South Atlanc Bank. South Atlan c Bank recently promoted Travis Minter to execu ve vice president.

GrandSouth Bank GrandSouth Bank recently named Mike West human resources director.

Ken Pickens has been promoted to execu ve vice president by South Atlan c Bank.

Horry County State Bank Doug Arseneau has been appointed senior vice president and residen al mortgage lending manager by Horry County State Bank. Arseneau’s du es include managing the bank’s residen al mortgage lending department

South Atlan c Bank has named Amy Stubbs assistant vice president.

Anne Caldwell recently joined Horry County State Bank as vice president and opera ons manager. Caldwell manages the loan and deposit opera ons departments of the bank in her role.

Michael C. Tawes Sr. has been appointed to the board of directors of South Atlan c Bancshares Inc., the parent company of South Atlan c Bank. Tawes has nearly 25 years of real estate experience in Charleston. He is a partner with Valbridge Property Advisors/Atlan c Appraisals in Mount Pleasant, and with Atlan c Real Estate Services

Personal Transac ons



South Atlan c Bank has added Eric Wooten as vice president and commercial rela onship manager in Mount Pleasant.

South State Corp. Jay Forrester has taken over as regional president of the Augusta metro area for South State Bank following the acquision of Southeastern Bank Financial Corp. and subsidiary Georgia Bank & Trust Co. by parent South State Corp. Montague Laffi e has been named


Laffi e


execu ve vice president for South State Bank.

State Corp. Murray is the president of United Brokerage Co.

Dane Murray, senior vice president with South State Bank, has been named treasurer for the Voorhees College Board of Trustees.

United Community Bank United Community Mortgage Services has added Donnell Drummond to its team in the South Carolina Upstate. In his role as CRA mortgage loan originator, Drummond will focus on genera ng Community Reinvestment Act loans in an assigned metropolitan territory and suppor ng United Community Bank’s CRA strategic plan as it relates to residen al mortgage produc on.

With the recent acquisi on of Southeastern Bank Financial Corp. and subsidiary Georgia Bank & Trust Co. by South State Corp., former Georgia Bank & Trust board member Grey Murray has been appointed to the board of South

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Winter 2017 I Palme o Banker


Young Bankers Division

An Exciting Year Ahead for Young Bankers Division


t’s an exci ng me for the Young Bankers Division as we begin a new calendar year, and I’m proud to be division chairman as 2017 commences. As most of you know, educa on remains one of our key focal points. Whether our members are in classrooms teaching financial literacy, helping award scholarships to the children of employees of member banks or a ending SCBA-sponsored career-development and networking events, educaon remains the hallmark of the Young Bankers Division. The acquisi on and dissemina on of knowledge is vital to our efforts, our industry and the future of South Carolina. That said, it’s not surprising that our key inia ve remains the promo on of financial literacy. During the 2015-2016 campaign, our financial literacy Taylor efforts reached more than 60,000 children and adults in South Carolina. Almost certainly, this push, which has been going on for many years, contributed to the recent sharp decrease in the percentage of unbanked and underbanked in the Palme o State. South Carolina saw a decline of more than 15 percent in the percentage of unbanked and nearly 9 percent in underbanked, according to the most recent data available, the FDIC reported recently. The percentage of unbanked South Carolinians is now at its lowest level since the FDIC began tracking the data during the last decade and represents tangible proof that our efforts are benefi ng the state as a whole. Speaking of financial literacy, remember that April 28, 2017, has been designated as Teach Children to Save Day. Teach Children to Save Day is an annual awareness day when bankers accentu-


Winter 2017 I Palme o Banker

ate their community commitment by going out in the community to teach young people the value of saving. By visi ng classrooms, youth centers and a er-school programs bankers employ their real-world knowledge and professional skills to encourage young people to start saving while young. And if you want to get the word out to youngsters but April 28 doesn’t work for your schedule, remember that April has been designated as Financial Capability Month. Remember to report your financial literacy efforts to the SCBA by contac ng Senior Vice President Carolyn Laffi e at 803.779.0850 or by email at carolynlaffi The Palme o Scholarship program, in which the South Carolina Bankers Associa on awards scholarships to deserving children of employees of SCBA-member banks, con nues to pay dividends for our membership. Last year, we gave out 57 $1,000 scholarships, and we hope to build on that this year. Applica ons are now online at the SCBA’s website. Banking Careers 101, set for Feb. 8, 2017, is an educa onal banking program designed to help students studying banking, finance and accoun ng learn more about the exci ng world of banking with the goal of encouraging more individuals to consider this profession. Another important part of the Young Bankers Division is the networking events that we hold with other young professional groups, including young lawyers and young accountants. These typically take place in different areas of the state a er hours with a speaker of common interest. Among the benefits of a ending is the opportunity to make contacts with individuals who can provide sales and referral opportuni es, and with whom bankers can turn to when they have clients who need other professional services.

Finally, the annual Young Bankers Conference will take place March 10-12, 2017, at The Ritz-Carlton Reynolds, Lake Oconee, Greensboro, Ga. More than 170 young bankers and associates are expected, and scheduled topics include future banking technologies, the mergers-and-acquisi ons environment, and an update on the poli cal and legisla ve outlook. As always, the Young Bankers Conference also offers opportuni es for networking and fellowship. The friendships you develop at the Young Bankers Conference will benefit you personally and professionally for decades to come. Informa on on the Young Bankers Conference can be found on the SCBA’s

The percentage of unbanked South Carolinians is now at its lowest level since the FDIC began tracking the data during the last decade and represents tangible proof that our efforts are benefi ng the state as a whole. website. The Young Bankers Division has a lot going on as we begin 2017, but that’s not surprising. For more than 60 years we’ve been an essen al part of the SCBA, and thanks to the hard work of our members and the support of our ins tu ons we look forward to contribu ng to our banks, the industry and the state as a whole for many years to come. (Blake G. Taylor is a senior vice president with Southern First Bank in Cayce and chairman of the Young Bankers Division of the South Carolina Bankers Associa on.)

Young Bankers Conference

2017 YBD Conference Set for Ritz-Carlton in Georgia The 2017 Young Bankers Conference will be held March 10-12 at The RitzCarlton Reynolds, Lake Oconee, Greensboro, Ga. The Young Bankers Conference is among the highlights of the SCBA’s annual schedule, giving future leaders the chance to gain insight into the financial services industry. “The Young Bankers Conference is an annual reward from our member banks and associates,” said Young Bankers Division Chairman and Southern First Bank Senior Vice President Blake Taylor. “The event equips each associate with the important facts as to the state of our industry, as well as offering the opportunity to develop rela onships with your fellow colleagues. “It is a worthwhile event that I enjoy taking part in every year and have reaped the benefits from a ending,” he added.

‘The event equips each associate with the important facts as to the state of our industry, as well as offering the opportunity to develop rela onships with your fellow colleagues.’ –Blake Taylor Chairman Young Bankers Division The Young Bankers Division is noted for several ini a ves, including A scholarship program that last year awarded $57,000 to the children of employees

of SCBA-member banks and a financial literacy program which touched more than 60,000 individuals last year. The 2017 conference will feature several notable speakers, including Dr. Tim Koch, professor of Finance at the University of South Carolina; Kevin P. O’Keefe, principal of Sandler O’Neill + Partners LP; Mick Oppy, vice president of Financial Ins tu on Products at Vanv; and Chris Roche, vice president of financial educa on at EverFi Inc. Amos J. Disasa, co-pastor at Columbia’s Downtown Church and a graduate of Presbyterian College and Wake Forest University, will give the Prayer Breakfast talk. Events include golf on any of the area’s five courses during the a ernoon of March 11, spor ng clays the same day at Old Hudson Planta on and a tas ng event, also scheduled for March 11. See Conference, page 30


For more informaƟon, contact Carolyn LaĸƩe at 803.779.0850 or email carolynlaĸƩ

Welcome New Associate Members EnVeritas Group 9 LaGrand Blvd. Greenville, SC 29607 Contact: Harris B. Quinn Phone: 864.241.0779 Website: Email:

EnVeritas Group is a digital marke ng and strategy firm with offices in Greenville, London and Singapore. Our primary focus is mul lingual content crea on and localiza on of digital assets. EVG is able to de ly manage strategic digital assets to drive specific business-development and customer-acquisi on goals. Our experience with compliance-related services and familiarity with ADA and Sec on 508 law allows us to strategically audit digital assets associated with the bank-

Notification of Non-Renewing S.C. Bankers Association Members As the 2017 calendar year begins, the South Carolina Bankers Associa on reports that the following companies are no longer SCBA Associate Members. Please update your lis ngs to reflect these changes. We thank these companies for their past support. The SCBA would welcome each of them to rejoin the Associa on as Associate Members. The non-renewing companies are: • IPSA Interna onal root9B Technologies Company; and • Trehel Corpora on. ing industry. We can quickly and accurately provide a roadmap for banks to work toward

Preview Uniform Acts – Uniform acts are regularly introduced to con nuously modernize South Carolina law and provide for efficient and consistent business and lending prac ces for banks throughout the states. When proposed, the South Carolina Bankers Associaon works with the General Assembly and its staff to review these uniform acts to preserve and protect creditors’ rights. This year a few were prefiled including the Revised Uniform Limited Liability Company Act, S189 and H3108; the Uniform Partnership Act, S193 and H3230; the Revised Uniform Unincorporated Nonprofit Associa on Act, S190 and H3109; and, the Uniform Voidable Transac ons Act S136 and H3167. SCBA looks forward to another successful session but it can do so only as South Carolina’s bankers con nue their posi ve rela onships with their local members of the General Assembly. These rela onships build goodwill with our legislators and help SCBA in its advocacy for fair and reasonable law and regula ons in South Carolina. SCBA encourages all bankers to be engaged with their local officials. Informa on on members of the General Assembly and pending legisla on can be found at (Neil Rashley is Senior Vice President and General Counsel for the South Carolina Bankers Associa on.) 26

Winter 2017 I Palme o Banker

SCBA Services Inc. is dedicated to reducing the costs of products and services for South Carolina banks. To find out more about SCBA Associate Membership or to become a Preferred Vendor, please contact SCBA Senior Vice President Carolyn Laffi e at 803.779.0850 or through email at carolynlaffi compliance and demonstrate good faith through publicly acknowledging those efforts.

Welcome New Associate Members Newest Strategic Partner Can Resolve Boundary Issues Vizaline LLC, a Mississippi-based company that employs geo-spa al technology to help bankers resolve or head off property boundary issues, is the South Carolina Bankers Associa on’s newest strategic partner. Vizaline touts itself as being “created by bankers for bankers.” The company has developed visualiza on tools and products to help those in the industry be er understand assets, shield por olios and protect customers. “To test their product, I sent the property descrip on of some real estate I own to Vizaline,” said SCBA President and CEO Fred Green. “Within Vizaline, LLC 24 hours I 216 Hickory Glen received a Madison, MS 39110 ‘Google Earth’Contact: Brent Melton type image Phone: 601.405.1802 that was much Website: more meaningEmail: ful than the tradi onal survey.” The company’s Viza-Plat product can be used to determine boundary lines on proper es without the need for a more expensive survey. It doesn’t necessarily replace the need for a survey in all instances but can be used when a full survey isn’t required. Among uses for Viza-Plat: • For trust department customers wishing to get an accurate view of their real estate holdings; • During loan renewals to assure banks that loans have quality legal descrip ons, and in conjunc on with surveys to determine if the la er are correct, and • To see a visualiza on of improvements, easements and par al releases. Use of the product is rela vely simple: A bank client downloads the legal descrip on of the property to Viza-Plat, where it is read and pla ed and the legal descrip on interpreted. The company places it on geo-spa al imagery and gets back

Area marked by yellow lines shows informa on given to bank regarding property in ques on; pink box shows property boundaries, as correctly determined by Vizaline.

to the bank within 48 hours with an image developed from the informa on. Bankers will be able to know of encroachments, easements and par al releases before they make a decision on funding a loan. The SCBA’s agreement with Vizaline allows SCBA members to use the service at an a rac ve price of only $125 for up to 30 acres and three parcels, with no upfront fees. Viza-Plat was brought to market in spring of 2014. Since then, it has been employed on more than 2,200 occasions, saving Vizaline customers hundreds of thousands of dollars in poten al losses. For more informa on on working with Vizaline, contact SCBA Senior Vice President Carolyn Laffi e at 803.779.0850, or by email at carolynlaffi

SCBA Accepting Applications for Palmetto Scholarships Students interested in applying for an SCBA Palme o Scholarship have un l March 17 to submit an applica on. Last year alone, the South Carolina Bankers Associa on awarded $57,000 to deserving students, the children of employees of SCBA-member banks, and over the past two years the SCBA has awarded nearly $100,000. To be considered for the SCBA Palmetto Scholarship students must:

• •

Be a resident of South Carolina; Have a parent who lives in South Carolina and works for a SCBA member bank in South Carolina; Be a full- me junior or senior undergraduate at an accredited fouryear college or university in South Carolina during the fall semester of 2017; Have a minimum grade-point average of 3.0 on a 4.0 scale;

Be ac ve in his or her school and community, demonstrate a solid work ethic, and possess strong leadership abili es, good teamwork and a desire to succeed; and Submit a resume and le er of recommenda on from a dean or professor when comple ng the online applica on. The SCBA believes offering scholarships to deserving children of bank employSee Scholarship, page 30 Winter 2017 I Palme o Banker


Freedman By 1873, as the na onal economy the impression that it was guaranteed an inves ga on into the affairs of the and protected by the government, acspiraled downward in what would beFreedman’s Savings Bank.” cording to January 1875 report in the come known as the “Panic of 1873,” the The Beaufort Republican reported in bank’s condi on turned cri cal. New York Herald. September 1873 that the ins tu on For many years a erward, bills were By the me Congress decided to look had been subject to a run, but that its introduced in Congress to reimburse more closely at the Freedman’s Bank’s officers predicted it would be able to those who had had money in the Freeprospects, it was too late. Regula“weather the man’s Bank, but repayment was sketchy. tory oversight had been lacking, as storm.” While half of the depositors eventually evidenced by the brand-new $260,000 The Yorkville received about three-fi hs of the value building the bank moved into in WashEnquirer noted ington around the me of the Panic of on May 7, 1874, of their accounts, others received noth1873. ing. that depositors Some depositors and their descendIn addi on, board member Henry were making ants spent more than 30 years pe onCooke, the first territorial governor of a run on the ing Congress for reimbursement. the District of Columbia and the youngFreedman’s Douglass The closure of Freedman’s Bank proved er brother of Philadelphia financier Jay Savings Bank’s devasta ng to the black community, Cooke, undermined the bank through Charleston office. according to 1997 story by The Na onal financial duplicity. Archives: Cooke was also a board member of The Doors Close the Seneca Sandstone Co., which had Despite Douglass infusing the bank An idea that began as a well-meansold shares to influen al Republicans in with $10,000 of his personal funds, ing experiment in philanthropy 1867, including future president Ulysses once he got inside the ins tu on and had turned into an economic S. Grant, at half price in an effort to began looking over the books, he found nightmare for tens of thousands curry favor. corrup on and risky investments being of African Americans who had enThe move undercapitalized the commade with depositors’ savings. In June pany and Seneca Sandstone took out trusted their hard-earned money 1874 the bank’s trustees voted to shut to the bank. Contrary to what several unsecured loans to con nue, it down. many of its depositors were led including one from the Freedman’s Some 61,144 depositors lost a total of to believe, the bank’s assets were Bank. Cooke sat on the boards of both nearly $3 million, or nearly $60 million not protected by the federal govthe bank and Seneca Sandstone, and in 2017 dollars. In Charleston alone, ernment. Perhaps more far-reachserved as go-between, despite the obvi- more than 5,000 depositors were out ing than the immediate loss of more than $250,000, or about $5 milous conflict of interest. their ny deposits, was the deadlion in today’s money. Beaufort deposiSeneca Sandstone, already deeply ening effect the bank’s closure tors, while not as numerous, also saw in debt, couldn’t weather the 1873 had on many of the depositors’ their savings wiped out. economic downturn, which meant the hopes and dreams for a brighter The Charleston depositors were mostly Freedman’s Bank was on the hook for future. The bank’s demise le bitof the laboring class, who were induced the loan. ter feelings of betrayal, abandonto place their money in the bank under In March 1874, noted aboli onist ment, and distrust of the Frederick Douglass was induced American banking system to take the reins of the bank, a that would remain in the move that many hoped would African American comsteady the ins tu on in the eyes munity for many years. of its depositors and prevent a run on the bank. Ul mately, African AmeriConcerns about the bank had cans, unwilling to put money been circula ng for some me. in mainstream banks a er The Charleston News reported in being burned by the failure of December 1872 that there was the Freedman’s Bank or untalk that “a resolu on will be inable to do so because of Jim troduced in the House of RepreCrow, opted to set up ins tusenta ves, by the commi ee on January 1875 New York Herald ar cle detailing impact of ons of their own. banking and currency, to secure failure of Freedman’s Bank on Charleston depositors. 28

Winter 2017 I Palme o Banker

South Carolina Bankers Association Education Calendar For more information, contact Anne Gillespie by phone at 803.779.0850, or by email at

February 2017 Banking Careers 101 Date: Feb. 8, 2017 Loca on: Seawell’s Columbia, S.C. Safety & Soundness Workshop Date: Feb. 9, 2017 Loca on: Inn @ USC Wyndham Garden Columbia, S.C. Human Resources Conference Date: Feb. 16, 2017 Loca on: Inn @ USC Wyndham Garden Columbia, S.C. March 2017 Young Bankers Conference Date: March 10-12, 2017 Loca on: The Ritz-Carlton Reynolds, Lake Oconee Greensboro, Ga.

June 2017 SCBA Annual Conven on Date: June 8-11, 2017 Loca on: The Ritz-Carlton Naples, Fla. July 2017 South Carolina Bankers School Date: July 9-14, 2017 Loca on: Lander University Greenwood, S.C. September 2017 Call Report Seminar Date: TBA Loca on: TBA Consumer Lending School Date: TBA Loca on: TBA

Directors & Managers Workshop Date: March 14, 2017 Loca on: Columbia, S.C.

Bank Security Conference Date: TBA Loca on: TBA

Washington Summit Date: March 20-22, 2017 Loca on: Washington Marrio Marquis Washington, D.C.

Young Bankers Scholarship Golf Tournament Date: Oct. 2, 2017 Loca on: Columbia Country Club Blythewood, S.C.

Spring Compliance Conference Date: March 2017 Loca on: Columbia, S.C.

October 2017 SCBA and NCBA Women in Banking Symposium Date: TBA Loca on: Charlo e, N.C.

April 2017 Bank Opera ons Conference Date: April 6, 2017 Loca on: Columbia, S.C. Trust and Wealth Management Conference Date: April 25, 2017 Loca on: Columbia, S.C. Community Bankers Spring Peer Group Date: TBA Loca on: TBA May 2017 Asset Liability Conference Date: May 3, 2017 Loca on: Columbia, S.C.

Community Bankers Forum Date: TBA Loca on: Columbia, S.C. November 2017 Credit Conference Date: TBA Loca on: TBA Economic Development Conference Date: TBA Loca on: TBA

Winter 2017 I Palme o Banker

29 31

Good Samaritans Anderson Brothers Bank Anderson Brothers Bank employees spent the Christmas season volunteering for the benefit of those in the Grand Strand community. Among employees who spread holiday cheer recently were those who work at the Longs branch, who spent me with the residents of Summit Place of North Myrtle Beach. They visited, played bingo and par cipated in a gi exchange. Anderson Brothers Bank donated $500 to the Love is Ac on LLC, a private, non-profit, community-based organiza on, to help the organiza on provide hot Thanksgiving meals to fami-

Susan Grant of Anderson Brothers Bank, le , presents a check to Love is Ac on Founder Janeque Wright.

lies in need. The Love is Ac on group provided 364 hot meals and 150 bags of nonperishable items to veterans, senior ci zens, low income households and disabled members. Anderson Brothers Bank recently donated $2,500 to the American Cancer Society, Dillon County Relay for Life to assist in the con nued fight against cancer. The upcoming Dillon County Relay for Life event will be held on May 6, 2017, at Dillon Motor Speedway.

BNC Bank BNC Bank has introduced its new financial learning program “Dollars & Sense” across all its markets, the bank recently announced. The program is designed to promote financial understanding in elementary, middle and high school students


that is grade-specific, providing a path to become financially responsible adults. “Dollars & Sense” offers guides for the educator as well as the student and parent. It’s a simple curriculum that breaks down topics about money and helps to build a strong foundaon.

Greer State Bank The Greer State Bank Founda on distributed more than $34,000 to local non-profit organiza ons in the greater Greer area during 2016. Recipients include: Crea ve Advancement Center ($3,000 dona on); Greater Greer Educa on Fund ($2,500); Greenville Communi es and Schools ($3,000); Greer Chris an Learning Center ($3,000); Greer Community Ministries ($5,000); Greer Relief ($5,000); Greer Soup Kitchen/Daily Bread Ministries, ($2,000 dona on); and Taylors Free Medical Clinic, ($5,000). South State Bank South State Bank announced it has contributed $3,125 to provide financial support to Dorchester County in the a ermath of Hurricane Ma hew. “This disaster has touched many of our friends and neighbors,” said John Welch, St. George city execu ve for South State Bank. “We have partnered with the Screven Associa on, a local non-profit which is providing assistance to those in need in our community.” Residents of Dorchester County can request funds through the Screven Associa on by calling the Screven Associa on at 843.871.2410. Wells Fargo Columbia was one of nine areas across the na on that Wells Fargo expanded its NeighborhoodLIFT program in 2016. The program offers homebuyer educa on plus downpayment assistance to boost neighborhood revitaliza on through home ownership. In all, more than 2,000 families and individuals purchased homes last year through Wells Fargo’s LIFT programs. The programs were first introduced in 2012 and last year were expanded to Columbia, Maricopa County, Az.; San Diego County, Calif.; Philadelphia; Minneapolis-St. Paul; Sea le-King County, Wash.; Aus n, Texas; Jacksonville, Fla.; and El Paso, Texas. Grant funds are s ll available for LIFT programs down payment assistance in several areas, including Columbia.



ees helps demonstrate both its apprecia on to member banks and their employees. Should you have any ques ons or concerns regarding the SCBA Palme o Scholarship, please call SCBA Senior Vice President Carolyn Laffi e at 803.779.0850, or by email at carolynlaffi

Saturday night entertainment is “Casino Night,” featuring games of chance, raffles and music. For more informa on about a ending the 2017 Young Bankers Conference, contact SCBA Senior Vice President Carolyn Laffi e at 803.779.0850 or by email at carolynlaffi e@

Winter 2017 I Palme o Banker

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South Carolina Bankers Associa on (2009 Park Street) Post OďŹƒce Box 1483 Columbia, South Carolina, 29202-1483

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