COLUMBIA, S.C. - The number of bank branches opening in South Carolina is at the lowest it's been in five years, in part because of the ongoing economic downturns.
The State of Columbia reported Friday that the state's 88 banks opened just 36 branch offices between July 1, 2008 and June 30. That's a drop from the 77 new offices that the Federal Deposit Insurance Corporation reported for a similar period between 2007 and 2008.
The newspaper reports that the drop in bank branches opening is also a result of the end of a bank-building boom in the late 1990s and earlier this decade.
Many of the branches that have opened this year were because of bank consolidations, relocating offices or long-term projects.