Copyright postandcourier
In the Palmetto State, Blue Owl’s SSK SC Portfolio LLC acquired more than 40 SouthSate branches, including 11 in the Charleston market, for about $131 million, according to public real estate records. The priciest, at 100 Exchange St. on Hilton Head Island, commanded more than $5.2 million. 2 cents' worth The oldest bank owner headquartered in Charleston is doubling down its dividend this Halloween. The Bank of South Carolina Corp. is bumping up its cash payout to investors by another two cents for the second quarter in a row. The rate will increase to 23 cents per share when checks go out Oct. 31, up 35 percent in past 12 months. "For the first time in our history, we've raised the cash dividend for a second consecutive quarter - a milestone that highlights the strength of our capital and earnings, CEO Gene Walpole said in written statement. The publicly traded bank, which opened its doors in 1987 on Meeting Street and now operates six branches, has raised its dividend by 35 percent in the past year. Earlier this month, OTCQX-listed BKSC reported that its third-quarter and year-to-date earnings climbed about 19 percent to $2.1 million and $5.9 million, respectively. Walpole said it's been "a fantastic year." “A combination of strong net interest margin, steady fee income, and disciplined expense management continue to drive these outstanding results," he said. Walpole added that bank’s balance sheet “is well-positioned for a potential lower-rate environment, though the timing of such a shift remains uncertain.” The outlook will become clearer this week. Most economists expect the Federal Reserve to cut its interest rates for the second time this when it wraps up its policy meeting Wednesday afternoon.
