OCC Appoints Receiver for Plantation Federal Bank, Pawleys Island, SC

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for Plantation Federal Bank, Pawleys Island, SC, a federal savings association.  As of December 31, 2011, the institution had approximately $486.4 million in total assets.

The OCC acted after finding that the institution had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices.  The OCC also found that the institution is likely to incur losses that will deplete its capital, the institution is critically undercapitalized, and there is no reasonable prospect that the institution will become adequately capitalized without federal assistance.

The FDIC will release information about the resolution of the institution.