SECTION 34-21-10. Written approval from State Board of Bank Control is required to conduct trust business.
No corporation, partnership or other person shall conduct a trust business in this State without first making a written application to the State Board of Bank Control and receiving written approval from the Board. Before any such application shall be approved, the Board shall make an investigation to determine whether or not the applicant has complied with all the provisions of law, whether in the judgment of the Board the applicant is qualified to conduct such a business and whether the conduct of such a business would serve the public interest, taking into consideration local circumstances and conditions at the place where such applicant proposes to do business; provided, however, that any person actively engaged in conducting a trust business in this State on January 1, 1972, shall not be required to make the application and receive the approval provided for herein. Provided, further, that nothing contained in this section shall prevent a natural person or a national banking association having its principal place of business in this State from qualifying and acting as trustee, executor, administrator, guardian, committee or in any other fiduciary capacity.
The following institutions have received approval from the Board of Financial Institutions to conduct trust business in South Carolina.
|Arthur State Bank||Union, South Carolina|
|Countybank||Greenwood, South Carolina|
|Palmetto State Bank||Hampton, South Carolina|
|Security Federal Bank||Aiken, South Carolina|
|Argent Trust Company||Memphis, Tennessee|
|Colonial Trust Company||Spartanburg, South Carolina|
|Great Plains Trust Company||Overland Park, Kansas|
|Thrivent Trust Company of Tennessee, Inc.||Brentwood, Tennessee|