United States Virginia change
Sri Lanka Breaking News
Sri Lanka parliament
vivalankaSri Lanka newsSri Lanka businessSri Lanka sportsSri Lanka technologySri Lanka travelSri Lanka videosSri Lanka eventssinhala newstamil newsSri Lanka business directory
vivalanka advertising
Stay Connected
Popular Searches
T20 World Cup
Sponsored Links
Sri Lanka Explorer

Canadian bank buying Carolina First

May 17, 2010 10:41:00 PM - thestate.com

The sale of Carolina First will hit the piggy banks of shareholders and taxpayers — but it’s better than the largest bank based in South Carolina closing, experts said Monday.

In a deal analysts said could become more routine in the stressed economy, Toronto-Dominion Bank of Canada is buying Carolina First for a fraction of its going stock price and repaying a little more than one-third of the Greenville bank’s $347 government bailout loan.

Federal regulators had backed Carolina First into a corner, analysts said, as the bank struggled with bad loans, especially in Florida, where it owns a bank.

Coming off nine consecutive quarters of losses totaling more than $1.3 billion and months of cost cutting, its parent company, The South Financial Group, was told by federal regulators this month to raise capital to strengthen its financial position.

USA, South Carolina: (Latest Stories)