Board approves two branch applications and authorizes settlements following executive session

The South Carolina State Board of Financial Institutions voted to approve two branch applications and authorized settlement negotiations after returning to open session on April 1, 2026. On motions made and seconded during the open meeting, the board approved United Community Bank’s application to establish a branch at 2015 Blowing Rock Road in Boone, North Carolina and approved Bank of the Lowcountry’s application to establish a branch at 186 Sea Island Parkway in Beaufort, South Carolina.

The motions were recorded in the minutes as: a motion by F. Justin Strickland, seconded by Carol Addy, approving United Community Bank’s Boone branch; a motion by Howard H. Wright, Jr., seconded by F. Justin Strickland, approving Bank of the Lowcountry’s Beaufort branch; and a motion by W. Donald Pennington, seconded by F. Justin Strickland, authorizing the Commissioner of Consumer Finance to negotiate and execute settlement agreements concerning unlicensed check-cashing activity with regulated entities. The minutes state the board voted to approve each item; the meeting record does not include a roll-call tally for individual yes/no votes.

Chairman Curtis M. Loftis, Jr. presided over the meeting and announced the actions immediately after the board ended executive session. The minutes note that approvals were “subject to any conditions provided by the Commissioner of Banking in Executive Session” for the branch applications. The authorization on settlements directs the Commissioner of Consumer Finance to finalize agreements discussed in executive session and execute them on behalf of the agency.

The board scheduled its next meeting for Wednesday, June 3, 2026, and adjourned at 11:34 AM.