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New South Carolina bank raises additional capital

Beacon Community Bank in Charleston, S.C., has raised $34.1 million in capital.

The $36 million-asset bank, which opened in January, completed a private placement this month, according to a press release from its financial adviser, Community Capital Advisors. Community Capital did not disclose how the bank plans to use the proceeds.

Beacon was established by veteran community bankers from the Carolinas, including Brooks Melton, formerly of CommunityOne Bancorp in Charlotte, N.C., and Tommy Baker, a former director of Southcoast Community Bank in Mount Pleasant, S.C.

“I am very proud to have raised capital for the first bank charter in South Carolina in 10 years,” Shaun Dalton, a managing director at Community Capital Advisors, said in the release. Beacon "will fill a void in the marketplace left behind by a wave of M&A activity.”

De novo activity has accelerated as a result of a rebounding economy and optimism that regulations will be eased. Investor groups have filed de novo applications in 14 states and the District of Columbia since 2016.

Food Bank of Central & Eastern North Carolina kicks off Stop Summer Hunger initiative

With school set to get out for the summer, an effort is underway to make sure tens of thousands of eastern Carolina kids have healthy meals and don't go hungry.

The Food Bank of Central and Eastern Carolina kicked off its "Stop Summer Hunger" initiative in Greenville Wednesday morning.

The food bank is teaming up with area volunteers, service organizations, and businesses to provide breakfast and lunch to nearly 58,000 eastern Carolina kids who normally receive free and reduced cost meals at school during the academic year.

Feeding locations will be set up at churches, schools, and with mobile units throughout the area.

Food bank managers say you can donate both food and funds to the effort by contacting the food bank in Greenville.

George Young with the Food Bank of Central and Eastern North Carolina says, "There's really a tremendous need during the summer time for these youngsters. There's just over 16,000 kids just here in Pitt County that are eligible for reduced lunch or feeding programs, and again, when the cafeteria is closed, then those children need to get access to food."

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