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South Carolina: Banks’ Economic Impact

Banks support South Carolina's economy with consumer, business and other loans, and by providing more than 28,000 people with a rewarding place to work.

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Jobs

Jobs

  • 28,155Employees

  • $2.5 BTotal Annual Compensation & Benefits

  • $87,609Average Total Compensation & Benefits

  • 45 Banks Headquartered in State

Source: FDIC branch deposit data (2021 Q2), FDIC Call Report 2Q2021, 2021 BLS/US Census Quarterly Census of Employment and Wages (QCEW) for Credit Intermediation and Related Activities, and ABA Analysis

Lending

Lending

  • $24.5 BNew Home Loans Booked in 2021

  • 80,088Number of New Home Loans in 2021

  • $215,000Median New Home Loan Size in 2021

  • $4.4 BSmall Business Loans

  • 339.2 KNumber of Small Business Loans

  • $13,081Average Small Business Loan

  • $748.6 MSmall Farm Loans

  • 15,179Number of Small Farm Loans

  • $44,375Average Small Farm Loan

South Carolina Banks Step Up

South Atlantic Bank helped small business clients in South Carolina secure PPP loans while taking precautions to keep their customers and employees safe.

Source: CFPB HMDA data, year-end 2021; FDIC Call Report 2Q2021 and Year-End 2021; 2021 USDA Quarterly Farm data and USDA/Census Data from 2017 State of Ag Survey; 2021 SBA/Census Data and ABA analysis

Customers

Customers

  • 3.5 MCustomers

  • $117.9 BDeposits

  • 75Banks Operating Branches

  • 1,171Branches & Offices

  • 500Branches Offering Low Fee Bank On-certified Accounts

South Atlantic Bank Fights Phishing

One look at their Facebook, Instagram and LinkedIn pages will show that South Atlantic Bank in Myrtle Beach, SC is enthusiastic about ABA’s #BanksNeverAskThat campaign. They shared important anti-phishing messaging with both customers and employees so that everyone who interacts with the bank knows how to converse about the threat of phishing.

Sources: Estimates based on ABA 2020/2021 survey data; FDIC Summary of Deposit (SOD) 2021Q2 Data; Cities for Financial Empowerment Fund

Giving Back

Giving Back

  • 166.1 KVolunteer Hours

  • $68.5 MCommunity Donations

Source: Estimates based on ABA 2020/2021 survey data

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