By Joshua Recamara
The Federal Reserve Board on March 21 terminated an enforcement action against Loris, S.C.-based HCSB Financial Corp., according to a March 23 press release.
The enforcement action was issued on May 9, 2011, by the Federal Reserve Bank of Richmond. Under the agreement, HCSB needed to submit a cash flow projection for each calendar year subsequent to 2011. The company also needed to secure regulatory approval before it can declare or pay dividends as well as incurring, increasing or guaranteeing any debt, or redeeming shares of its stock, among other provisions.
HCSB Financial is the parent of Horry County State Bank.