Published:
The Bank of South Carolina Corporation Opts out of the Troubled Asset Relief Program (TARP)
CHARLESTON, S.C., Nov. 19 /PRNewswire-FirstCall/ -- The US Treasury and
Federal banking regulators say as many as eighteen hundred publicly held
institutions could apply in the next few weeks for government investments as a
part of the $700 billion Treasury's Troubled Asset Relief Program (TARP).
This program is designed to assist banks with needed liquidity and capital so
that they may resume meeting the banking needs of borrowers and depositors.
The Bank of South Carolina Corporation, (Nasdaq: BKSC) the parent company
of The Bank ofSouth Carolina, elected to opt out of the Troubled Asset Relief
Program (TARP) because its financial health does not necessitate any
government investment. The Bank is sufficiently liquid and capitalized with
strong asset quality and earnings. All of these factors allow The Bank of
South Carolina to continue as normal: making loans, receiving deposits and
providing banking service to the community.
Hugh C. Lane, Jr., President and Chief Executive Officer stated: "The Bank
ofSouth Carolina is electing not to participate in the Treasury's TARP. For
twenty-one years, The Bank ofSouth Carolina has followed the critically
important fundamentals of banking, priding itself on wise investment
strategies, valuable asset quality and a strong liquidity position. Because
of these fundamentally sound banking practices it is unnecessary for The Bank
ofSouth Carolina to participate in TARP."
The Bank ofSouth Carolina, a De Novo Charter, which opened in 1987 at 256
Meeting Street, has offices inSummerville,Mt. Pleasant, and the West Ashley
community. It is also available on its website at www.banksc.com. Bank of
South Carolina Corporation currently trades its common stock on the NASDAQ
stock market under the symbol "BKSC". Market makers for the stock for Bank of
South Carolina Corporation are: Alternate Display Facility, Archipelago Stock
Exchange, Automated Trading Desk, Citadel Derivative Group, LLC, Citigroup
Global Markets, Inc., Hill, Thompson, Magid and Company, Howe Barnes
Investments, Hudson Securities, Inc., JJB Hilliard WL Lyons, Knight Equity
Markets, LP, Merrill Lynch, Monroe Securities Inc., Morgan Keegan & Company,
Inc., Nasdaq Execution Services, LLC, Sandler O'Neill & Partners, Scott &
Stringfellow, Inc., Stern, Agee & Leach, Inc., Susquehanna Financial Group,
LLLP, Susquehanna Financial Group and USB Securities, LLC.
SOURCE Bank of South Carolina Corporation
Copyright © 2009, PRNewswire
Copyright © 2009, NewsBlaze,
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