Triangle Business Journal
by Lee Weisbecker
Federal banking regulators want Southport-based Security Savings Bank to raise capital and clean up its lending practices.
The $441 million total asset lender with 11 offices, eight of them in coastal Brunswick County, including Sunset Beach, signed a consent order with the Federal Deposit Insurance Corp.
The bank posted losses of $2.8 million year to date as of June 30, in the face of 238 percent increase, to $41 million, in loans no longer repaying. Most of those problem loans are in the construction and land development areas, according to FDIC data.
Established in 1911, Security Savings also operates two offices in Randolph County near the Triad, having acquired Liberty Savings and Loan back in 2003.
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