March 30, 1999. Article by Scott Barancik, American Banker Newspaper. Synopsis by Creative Investment Research.
Banking regulators closed South Carolina's only minority-owned bank. Deposits were sold to a group of African-American investors.
The bank, Victory State Bank, is a $14 million-asset, one-office institution in Columbia, SC. The bank was founded in 1921. Problems at the bank included, according to the FDIC, "excessive insider compensation" and bad loans. The new bank will be called South Carolina Community Bank.
"Victory was one of only 54 African-American owned banks and thrifts nationwide, said William Michael Cunningham, CEO of Creative Investment Research, an investment advisory firm. Victory was the smallest black-owned bank in the country, Mr. Cunningham said."
