August 03, 2009

A sour economy and a bank-building boom in the late 1990s and earlier this decade have led to the fewest number of bank branches being opened in South Carolina in five years.The handful of branches that are being opened this year are either the result of banks consolidating and relocating offices or projects that were committed to years ago.

The current banking climate in South Carolina makes it tough for bankers to OK branch construction projects that can cost as much as $3 million, said Johnathan Munn, a Francis Marion University economics professor."I think a bank is going to be very, very careful and do its due diligence before opening a new branch," said Munn, a former Pee Dee banker.