Local bank expanding in down economy

By: Michelle Carolla | SCNow
Published: March 24, 2009

You might think building a bank is a crazy thing to do in this economy. Banks are failing and depending on bailouts. But, smaller community banks are taking advantage of this new economic climate to expand.
South Atlantic Bank is a new bank currently building two locations; one in Murrells Inlet and one on 29th Avenue North in Myrtle Beach. Twelve people from Horry County raised enough capital to start the bank a year ago. They're working out of a temporary location while they wait for their new headquarters to wrap up construction in January 2010. South Atlantic President, Scott Plyler said they received a great deal on construction costs with so many construction companies needing work.
South Atlantic is a small bank with 125 million dollars in assets. The plan is to concentrate on Horry and Georgetown counties. They work with small and medium-sized businesses and individual consumer lending. “When you come in, we’re probably going to know your by your name as soon as you walk in the door,” said Plyler.
"There's a lot of uncertainty about the economy and jobs,” said Plyler. “There are some good opportunities out there and hopefully, with the incentives for first time homebuyer's, the rates remaining low, we have seen some increased activity in the mortgage area. Hopefully, that will continue on near the end of the year to spring 2010 for some business expansion and other plants that would create opportunities."
South Atlantic employees 30 people right now. Plyler said they're taking a back-to-basics approach, with plenty of capital and no bad loans or non-performing assets. They’re also an SBA bank which will offer incentives for small businesses under the new stimulus law.
The first branch in Murrells Inlet opens in 90 days.

Local bank expanding in down economy

New Banks (Added: March 24, 2009)

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