Surprise Failure

In a surprising turn of events, 644th-ranked Allendale County Bank of Fairfax, South Carolina, was closed on Friday by the South Carolina State Board of Financial Institutions. Allendale County Bank was not without its problems, having struggled to stay profitable for years. It was under a consent order with regulators in 2013 and the victim of of corporate theft by a bank teller in 2012. which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The approximately $54.5 million in total assets of the former bank were acquired by Palmetto State Bank (6197th) of Hampton, South Carolina, to assume all of the deposits of Allendale County Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $17.1 million.