Hcsb Financial Corp (HCFB)

HCSB Financial Corp was incorporated on June 10, 1999 to become a holding company for Horry County State Bank. The bank is a state chartered bank which commenced operations on January 4, 1988. The Company's main market includes Horry County in South Carolina and Columbus and Brunswick Counties in North Carolina. The Company is mainly engaged in the business of attracting deposits from the general public and using these deposits together with other funds to make agricultural, commercial, consumer and real estate loans. It offers a range of deposit services that are typically available in most banks and savings and loan associations, including checking accounts, NOW account, savings accounts, and other time deposits of types, ranging from daily money market accounts to longer-term certificates of deposit. The Company emphasize a range of lending services, including real estate, commercial, agricultural and consumer loans, to individuals and small to medium-sized businesses and professional concerns that are located in or conduct a portion of its business in the Company's market area. Other bank services which are in place or planned include cash management services, sweep accounts, repurchase agreements, cellular phone banking, remote deposit capture, safe deposit boxes, travelers checks, direct deposit of payroll and social security checks, on-line banking and automatic drafts for accounts. The Company competes with other commercial banks, savings and loan associations, credit unions, and money market mutual funds operating in its service area and elsewhere. Both the Company and the Bank are subject to state and federal banking regulations that impose restrictions on and provide for general regulatory oversight of its operations.