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Business: Former Plantation Federal executives open loan office

South Atlantic Bank of Myrtle Beach will open a loan office at Pawleys Island next week, staffed by two executives from the failed Plantation Federal Bank. A full-service branch is planned.

Drew Johnson, president of Plantation Federal, and Donna Murphy, a vice president, will be in charge of the loan office. South Atlantic has applied for regulatory approval to open a full-service branch at Pawleys Island, said Wayne Wicker, the chairman and CEO.

"We anticipate full-service branch operations to begin within 90 days," he said.

Federal reguators put Plantation Federal in receivership April 29 and announced its sale to First Federal of Charleston the same day.

The South Atlantic office will be in Waverly Place on Highway 17. Johnson will service a Georgetown County executive for the bank. Murphy will be the retail business development officer.

"They are a good fit for South Atlantic Bank because they understand our community banking philosophy of strong credit quality, sound banking practices, and exemplary customer service," said R. Scott Plyler, president of South Atlantic.

Plantation Federal opened at Pawleys Island in 1986. Its sale left Palmetto Heritage, which opened in 2005, as the county's only locally-owned bank.

South Atlantic Bank is based in Myrtle Beach. It opened in 2007.

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