Horry County State Bank, regulators plan improvement process
Horry County State Bank has to raise capital ratios, account for bad loans and evaluate its management and lending practices under a consent order the bank signed with federal and state regulators.
“[The consent order is] not the kiss of death by a long shot,” said Jimmy Clarkson, the president and CEO of Horry County State Bank. “It drafts a plan for what areas need improvement and what the goals are and we had already put into place a majority of the plans that are in there and we intend to fully comply.”
The real estate market collapse is the main cause of the Loris-based bank’s problems as borrowers are unable to pay on real estate loans and the severely diminished values have forced the bank to take significant losses, Clarkson said.
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