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South Carolina Board of Financial Institutions approves two branch applications, authorizes settlements on unlicensed check‑cashing
Summary
The South Carolina State Board of Financial Institutions on April 1 approved United Community Bank and Bank of the Lowcountry branch applications subject to conditions and authorized the Commissioner of Consumer Finance to negotiate settlements over unlicensed check‑cashing activity; the actions followed an executive session.
The South Carolina State Board of Financial Institutions on April 1 voted to approve two bank branch applications and authorized the Commissioner of Consumer Finance to negotiate settlement agreements related to unlicensed check‑cashing activity.
Board member F. Justin Strickland moved to approve United Community Bank's application to establish a branch at 2015 Blowing Rock Road in Boone, North Carolina; board member Carol Addy seconded the motion and the Board voted to approve the application, subject to any conditions provided by the Commissioner of Banking in executive session. Board member Howard H. Wright Jr. moved to approve Bank of the Lowcountry's application to establish a branch at 186 Sea Island Parkway in Beaufort, South Carolina; F. Justin Strickland seconded that motion and the Board voted to approve it, likewise subject to any conditions from the Commissioner of Banking.
On a separate motion by Donald Pennington, seconded by F. Justin Strickland, the Board authorized the Commissioner of Consumer Finance to negotiate and execute settlement agreements with regulated entities concerning unlicensed check‑cashing activity, in accordance with terms discussed in executive session. Deputy General Counsel Shawn Eubanks had indicated the Board would enter executive session to review requests by regulated entities and to receive legal advice; the Board voted unanimously to enter and later to exit executive session.
Commissioner of Banking Kathy Bickham and Commissioner of Consumer Finance Ron Bodvake were present for the meeting and provided updates to the Board earlier in the session. Bickham reported on recent staffing and training, including new examiners and a promotion, and noted two actions taken under her delegated authority. Bodvake reviewed division monthly statistics, upcoming virtual and in‑person trainings and conferences, and introduced Catalis Executive Director Steve Alpert, who presented the annual Report on South Carolina Deferred Presentment Transactions and answered questions from members.
The Board approved the April 1 agenda and the Feb. 4, 2026 meeting minutes by general consent. Chairman Curtis M. Loftis Jr., the State Treasurer, announced the next meeting is scheduled for Wednesday, June 3, 2026, and adjourned the meeting at 11:34 a.m.
Votes at a glance
- United Community Bank, Greenville, SC — branch at 2015 Blowing Rock Road, Boone, NC; motion by F. Justin Strickland; second by Carol Addy; outcome: approved, subject to conditions provided by the Commissioner of Banking (vote tally not specified in the minutes).
- Bank of the Lowcountry, Walterboro, SC — branch at 186 Sea Island Parkway, Beaufort, SC; motion by Howard H. Wright Jr.; second by F. Justin Strickland; outcome: approved, subject to conditions provided by the Commissioner of Banking (vote tally not specified in the minutes).
- Authorization to negotiate settlements concerning unlicensed check‑cashing activity; motion by Donald Pennington; second by F. Justin Strickland; outcome: authorized (terms discussed in executive session; details not specified in the minutes).
