Data / Bank failures / 1992 / First South SB
First South SB, Columbia, SC: failed April 24, 1992
First South SB in Columbia, South Carolina, failed on April 24, 1992. Southtrust Bank of Charlest of Charleston, SC, took over its deposits. It held $57 million in assets and $48.5 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $7.5 million (13.2% of its assets). By assets it was the 112th largest of 181 banks closed or assisted in 1992.
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The FDIC's record
- Closed
- April 24, 1992
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Southtrust Bank of Charlest, Charleston, SC
- Total assets
- $56,956,000
- Total deposits
- $48,503,000
- Estimated cost to the FDIC
- $7,514,691 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- RTC
- FDIC certificate
- 32186
Other bank failures in South Carolina, 1990 to 1994
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Citadel FS & La | Charleston | August 7, 1992 | $39 million | $37.6 million | $8.8 million | Carolina First Bank |
| Cooper River, Fsa | North Charleston | June 5, 1992 | $228.9 million | $201.4 million | $10.7 million | First Citizens B&TC of SC |
| Hilton Head Bank & Trust Company | Hilton Head Island | August 30, 1991 | $64.6 million | $63 million | $20.9 million | The Anchor Bank |
| Standard FS & La | Columbia | August 2, 1991 | $319.7 million | $280.7 million | $2.7 million | NB of South Carolina |
All bank failures in 1992 · All bank failures in South Carolina · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-23. Assets and deposits are as of the last report before failure; the estimated cost is the FDIC's latest estimate of the loss to its insurance fund and changes as the receivership winds down. Free to reuse with credit to SpecStream under CC BY 4.0.