Palmetto State Bank

What Palmetto State Bank does

Palmetto State Bank is a privately held, FDIC-insured community bank founded in 1907 and headquartered in Hampton, South Carolina. The bank operates seven full-service branches across the Lowcountry counties of Beaufort, Allendale, and Hampton, with additional market executive offices in Greenville and Charleston serving commercial customers in the Upstate and Tri-County regions. With approximately $600 million in assets, the institution provides a comprehensive retail and commercial banking platform organized across Personal Banking and Business Banking divisions, including four tiers of consumer checking, savings, CDs, IRAs, HSAs, consumer and mortgage loans, home equity lines of credit, credit and debit cards, and a full business suite spanning business checking (four variants including a no-fee Civic account for non-profits), business savings and money market, business term loans and lines of credit, commercial mortgages, ACH origination, wire transfers, merchant services, Remote Deposit Capture, and Reverse PositivePay fraud detection.

The technology infrastructure is built on Fiserv E-Solutions as the core online banking platform, with iOS and Android mobile applications, CheckFree Bill Pay integration, Formstack-powered digital forms, and Digital Defense for customer security awareness training. The Brella third-party card security app provides card controls, fraud alerts, P2P transfers, and travel notices; debit cards are compatible with Apple Pay, Google Wallet, and Samsung Wallet for tokenized contactless payments. Merchant card processing is delivered through a partnership with Equity Payment, extending the bank's reach into payments without in-house acquiring capability.

Revenue is generated through the traditional community banking spread between interest earned on loans (consumer, mortgage, commercial) and interest paid on deposits, supplemented by non-interest fee income from NSF charges ($30/item), overdraft fees, wire transfer fees ($25 domestic, $45 international), stop payment fees ($25), debit and credit card interchange, and merchant services residuals. Distribution is primarily branch-led with relationship managers and dedicated loan officers at each location executing localized lending decisions, complemented by an online account opening flow, mobile app self-service, a website featuring financial calculators and a Switch Kit for account migration, and social media engagement on Facebook, Instagram, and LinkedIn. The bank targets individuals and small-to-mid-sized businesses in the Lowcountry, with secondary segments in non-profits, churches, schools, and customers aged 55+, differentiating on community presence and local decision-making against larger national and regional bank competitors.

Name

Palmetto State Bank

Legal name

Palmetto State Bank

Website

https://palmettostatebank.com

Company type

Private

Founded year

1907

Operating status

Operating

Headcount range

51–100 employees

Short description

Palmetto State Bank is a privately held community bank founded in 1907 in Hampton, South Carolina, operating seven branches across the Lowcountry with approximately $600 million in assets. It serves individuals, small-to-mid-sized businesses, non-profits, and seniors with full personal and business banking products supported by digital and mobile channels.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (522110)

SIC

State Commercial Banks (6022)

akta.pro primary industry

SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)

akta.pro secondary industries

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA), SME Business Lending (Term Loans, Lines of Credit, Overdrafts) (FSABABAB), Retail Lending (Personal Loans, Auto, Credit Lines) (FSABAAAB), Credit Cards & Revolving Credit (FSABAAAC)

Keywords

• Community banking
• Retail banking services
• Commercial lending
• Mortgage lending
• Digital banking

Headquarters

HQ city

Hampton

HQ country

United States

HQ region

North America

Offices9 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Interest Income from Lending: Core banking revenue from interest earned on loans including personal loans, mortgages, auto loans, business loans, lines of credit, and commercial mortgages. Interest rates vary by product type and creditworthiness.
2. Deposit Interest Spread: Revenue generated from spread between interest paid on deposits (checking, savings, CDs, IRAs, money market accounts) and interest earned on loans and investments.
3. Account Service Fees: Monthly maintenance fees, overdraft charges, returned item charges, wire fees, stop payment fees, and various transaction-based fees across personal and business accounts.
4. Merchant Services: Fees from processing credit card transactions for business customers through partnership with Equity Payment. Includes next-day funding, check guarantee, and remote check deposit services.
5. Digital Banking Services: Revenue from CheckFree Bill Pay services, online banking access, and mobile banking app services.
6. Check and Card Services: Fees from check printing, cashier's checks, debit card issuance, wire transfers (domestic and international), and ATM access.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

Palmetto State Bank is a community bank that provides a full suite of personal and business banking products including checking, savings, money market, certificates of deposit, IRAs, HSAs, consumer and commercial loans, mortgages, home equity lines of credit, credit and debit cards, ACH origination, wire transfers, and merchant services. Banking is delivered through seven South Carolina branches supplemented by online and mobile banking channels with local decision-making for loans and mortgages.

Product overview

Palmetto State Bank offers a comprehensive community banking platform organized into Personal Banking and Business Banking divisions. Personal Banking includes four checking account variants (Palmetto Checking, Interest Checking, Money Market Checking, Prime Time Checking), Regular Savings, Consumer Loans, Personal Lines of Credit, Home Equity Lines of Credit, Mortgage Loans, Credit Cards, Debit Cards with Digital Wallet support, a Mobile Banking App, and Digital Banking services. Investment products include CDs, Traditional/Roth/Education IRAs, and HSAs. Business Banking encompasses Small Business Checking, Regular Business Checking, Business Interest Checking, Civic Checking, Business Money Market, Business Lines of Credit, Term Loans, Commercial Mortgages, Business Debit Cards, ACH Origination, Wire Transfers, Merchant Services (via Equity Payment), Remote Deposit Capture, and Reverse PositivePay fraud protection. Both divisions share complementary services including Financial Calculators, a Switch Kit for account migration, and overdraft protection (Ready Reserve). The bank operates seven branches in South Carolina with digital-first banking capabilities.

Differentiator

Problem solved

Functional benefit

Products and services

• Palmetto Checking Entry-level personal checking account with $100 initial deposit, no monthly service charge when $1,500 daily balance is maintained, and e-Statement credit.

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature5 records

Partnerships

One partnership is on record.

• Equity PaymentcoreChannel Partner/ Reseller/ DistributorPalmetto State Bank has partnered with Equity Payment to provide merchant services to business customers. Equity Payment supports all major credit cards and fleet brands. Services include next-day funding of credit card sales, single deposit/statement for transactions, customer gift and rewards cards, online processing, check guarantee, and remote check deposit. CEO Harry Morales can be contacted directly for merchant service inquiries.

Scale indicators4 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• Wells Fargo: National bank with major presence across South Carolina, competing for both consumer and small-business banking customers. Sets rate and product benchmarks that Palmetto State Bank must match.
• First Citizens Bank: Major North Carolina-based bank with significant South Carolina presence through the failed Silicon Valley Bridge Bank acquisition. Comparable community/commercial banking model with broader geographic reach.
• Truist Financial: Top-10 U.S. bank formed from BB&T and SunTrust merger, with significant South Carolina branch presence. Competes for consumer and small-business banking customers with broader product suite.
• Synovus Bank: Mid-sized regional bank with significant South Carolina operations including retail branches, commercial banking, and wealth management. Competes for the same SMB and consumer customers.

Direct peers

• Atlantic Capital Bank: Southeast-focused community bank serving middle-market and small-business clients, closely comparable in business model and product offerings despite its Tennessee headquarters.
• SouthState Bank: Large South Carolina-headquartered community bank formed via the merger of South State Corporation and Independent Bank Group. Directly comparable as a Southeast community bank with both consumer and commercial banking focus.
• United Community Bank: Community bank serving the Carolinas, Georgia, Tennessee, and Florida with comparable consumer and small-business banking offerings. Highly relevant peer given overlapping Carolinas footprint.
• Pinnacle Financial Partners: Tennessee-headquartered community bank that has expanded into the Carolinas with a similar relationship-based, local-decision banking model for consumers and small businesses.
• Bank of South Carolina: Small Charleston-based community bank with similar deposit and commercial lending focus. A close like-for-like competitor in the South Carolina market despite smaller national footprint.
• Park Sterling Bank: Southeast community bank (now part of SouthState) that historically served similar small-business and consumer segments. Useful historical peer reference for community bank consolidation dynamics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/palmettostatebank
• LinkedInlinkedin.com/company/palmettostate-bank/posts/?feedView=all
• Instagraminstagram.com/palmettostatebank

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Palmetto State Bank