First Palmetto Bank
First Palmetto Bank is an FDIC-insured community bank founded in 1904 and headquartered in Camden, South Carolina, operating 22 branches across the state to deliver personal banking, mortgage, and small business lending services to South Carolina consumers and businesses.
- Company typePrivate
- Founded1904
- HeadquartersCamden, United States
- Headcount51–100
- GTM typeB2B and B2C
- OfferingServices
What First Palmetto Bank does
First Palmetto Bank is an FDIC-insured, privately held community bank founded in 1904 and headquartered in Camden, South Carolina. The bank operates 22 branch offices across the state, including in Columbia, Greenville, Myrtle Beach, Mount Pleasant, and Summerville, serving retail and small business customers with a relationship-led, locally-decisioned model. Its product portfolio spans core depository accounts (checking, savings, money market, CDs, IRAs, HSAs), consumer lending (personal and vehicle loans), and a particularly broad mortgage suite (traditional, balloon, adjustable-rate, second, bridge, construction-to-permanent, and home equity lines). Business banking includes commercial checking, term loans and lines of credit, ACH and wire services, and treasury management.
The bank's technology layer is built largely on third-party infrastructure: the First Palmetto Mobile app is powered by Fiserv and complemented by online banking at firstpalmetto.onlinebank.com, with security features such as 256-bit SSL encryption, firewalls, multifactor authentication, and account lockout protection. Channel enhancements include Mobile Deposit (consumer), Remote Deposit Capture (business), and a dedicated Business Mobile App, alongside digital payment integrations with Apple Pay, Google Pay, Zelle, and Visa debit cards. No proprietary AI/ML capabilities, APIs, or developer-facing products are disclosed.
Commercially, the bank earns revenue from four streams: net interest income on its lending book, deposit account servicing and maintenance fees, transaction and treasury fees, and mortgage origination economics. Customer segments are horizontal (consumer, small business, commercial, mortgage), with no public disclosure of pricing tiers or enterprise-customer concentration. Marketing emphasizes brand longevity, community commitment, and awarded service (Newsweek America's Best Small Bank 2021-2023, Bower Financial Certification September 2024, Best Places To Work Winner 2024).
First Palmetto Bank firmographics
Firmographics- Name
- First Palmetto Bank
- Legal name
- First Palmetto Bank
- Website
- https://firstpalmetto.com
- Company type
- Private
- Founded year
- 1904
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- First Palmetto Bank is an FDIC-insured community bank founded in 1904 and headquartered in Camden, South Carolina, operating 22 branches across the state to deliver personal banking, mortgage, and small business lending services to South Carolina consumers and businesses.
- Ownership category
- akta.pro rank
First Palmetto Bank industry classification
Industry- Product category
- Retail Banking
- NAICS
- Commercial Banking (522110)
- SIC
- State Commercial Banks (6022)
- akta.pro primary industry
- Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)
- akta.pro secondary industries
- Retail Lending (Personal Loans, Auto, Credit Lines) (FSABAAAB), SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)
Keywords
Where First Palmetto Bank is headquartered
LocationHeadquarters
- HQ city
- Camden
- HQ country
- United States
- HQ region
- North America
Offices22 records
Markets served
First Palmetto Bank business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales
Revenue model
- Interest Income from Lending: Traditional banking revenue from interest earned on mortgage loans, personal loans, and business loans. Includes various mortgage products (traditional, balloon, adjustable rate), personal loans, and business loans.
- Deposit Account Services: Revenue from checking accounts, savings accounts, money market accounts, certificates of deposit (CDs), individual retirement accounts (IRAs), and health savings accounts (HSAs). May include monthly maintenance fees and other account-related charges.
- Transaction and Service Fees: Fees from debit card transactions (Visa Debit Cards with no annual fee and no fees for point-of-sale transactions), wire transfers, ACH services, and other banking services.
- Mortgage Banking: Revenue from mortgage origination including traditional mortgages, second mortgages, bridge loans, construction-to-permanent loans, and home equity lines of credit.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Personal Checking Accounts - Various tiers available |
| Subscription | Monthly | Savings Accounts - Traditional savings products |
| Subscription | Monthly | Money Market Accounts |
| Subscription | Annual | Certificates of Deposit |
| Subscription | Monthly | Business Checking |
| Other | Multi-year contract | Business Loans |
| Subscription | Monthly | Visa Debit Cards |
| Transaction based/ take rate | Multi-year contract | Mortgage Products |
Go-to-market motion1 record
Distribution channels6 records
Marketing channels6 records
First Palmetto Bank product offering
Product offeringCore offering
First Palmetto Bank is a community bank providing traditional deposit accounts (checking, savings, money market, CDs, IRAs, HSAs), consumer lending (personal loans, vehicle loans), a comprehensive residential mortgage product suite, and small business/commercial banking services including business checking, business loans, ACH/wire transfers, and remote deposit. It serves South Carolina consumers and businesses through 22 physical branches supplemented by online and mobile banking.
Product overview
First Palmetto Bank offers a comprehensive community banking platform for personal and business customers in South Carolina. The product portfolio centers on traditional banking services including checking, savings, money market accounts, certificates of deposit, and IRAs, complemented by lending products spanning personal loans, vehicle loans, and an extensive mortgage suite (traditional, balloon, adjustable rate, second mortgages, bridge loans, and construction-to-permanent loans). Business banking includes commercial checking, business loans, and treasury management services. Digital banking capabilities are delivered through online banking platforms and mobile apps powered by Fiserv, featuring mobile deposit capture, remote deposit for business, and ACH/wire services. The bank also provides payment integrations including Apple Pay, Google Pay, and Zelle, along with Visa debit card products. Founded in 1904 and serving South Carolina communities, the offering functions as a unified banking platform rather than a modular architecture.
Differentiator
Problem solved
Functional benefit
Products and services
- Personal Checking Personal checking accounts for everyday banking, with online and mobile access and free checking options.
- Personal Savings Personal savings accounts designed for depositing and growing funds with interest earnings.
- Money Market Money market deposit accounts offering competitive interest rates with limited check-writing privileges.
- Certificates of Deposit Time deposit accounts with fixed terms and guaranteed returns for established savings goals.
- Individual Retirement Accounts (IRA) Tax-advantaged retirement savings accounts including traditional and Roth IRA options.
- Health Savings Accounts Tax-advantaged accounts paired with high-deductible health insurance plans for medical expense savings.
- Personal Loans Fixed-rate loans for personal financial needs including debt consolidation, home improvements, and major purchases.
- Vehicle Loans Financing options for automobile purchases with competitive rates and flexible terms.
- Traditional Mortgages Standard home loans with fixed or variable rates for purchasing residential property.
- Balloon Mortgages Short-term mortgages with low monthly payments and a large lump sum due at maturity.
- Adjustable Rate Mortgages Mortgages with interest rates that adjust periodically based on market conditions.
- Second Mortgages Home equity loans taken out as a second loan against existing property equity.
- Bridge Loans Short-term financing to bridge the gap between purchasing a new home and selling an existing one.
- Construction-to-Permanent Loans Financing that covers construction costs and converts to a permanent mortgage upon home completion.
- Home Equity Lines of Credit Revolving credit lines using home equity as collateral with flexible borrowing and repayment options.
- Business Checking Commercial checking accounts with tools for managing business finances and cash flow.
- Business Loans Various commercial lending products including term loans and lines of credit for business growth and operations.
- ACH & Wire Services Electronic funds transfer services for businesses to send and receive payments through ACH and wire networks.
- Remote Deposit Business banking service using desktop scanners to deposit checks without visiting a branch.
- Online Banking Web-based platform for personal and business customers to access accounts, transfer funds, pay bills, and manage finances.
- Mobile App Smartphone application for banking on-the-go with account access, mobile deposit, and fund transfers.
- Personal Debit Cards Visa debit cards for personal accounts with ATM access and point-of-sale purchases, with no annual fee.
- Business Debit Cards Visa debit cards for business accounts with no annual fee and point-of-sale access.
Quantifiable outcome
- Awarded America's Best Small Bank in South Carolina by Newsweek for multiple consecutive years (2021, 2022, 2023)
- +1 more outcomes
Companies that use First Palmetto Bank
Customer profileNamed customers1 record
Segments4 records
Ideal customer profiles3 records
First Palmetto Bank technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
Feature8 records
First Palmetto Bank partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- FiservcoreFirst Palmetto Mobile application is powered by Fiserv technology platform, enabling mobile banking services including real-time account balances, money management, transfers, bill pay, check deposits, alerts, and card management features.
Scale indicators3 records
Recent moves5 records
Expansion highlights5 records
First Palmetto Bank competitors and assessment
Company assessmentBroad incumbents
- Wells Fargo: National full-service bank with extensive South Carolina branch and mortgage footprint; competes on consumer deposits, small-business credit, and home lending against First Palmetto.
- Truist Financial Corporation: Large Southeast regional bank holding significant South Carolina branch presence; competes directly with First Palmetto for retail deposits, small-business relationships, and mortgages, but at vastly greater scale.
- Bank of America: National incumbent with full-service retail, small-business, and mortgage offerings throughout South Carolina; sets the competitive baseline on digital capability, rates, and product breadth for community banks like First Palmetto.
- United Community Banks: Larger Southeast regional community bank operating across multiple states including South Carolina with consumer, small-business, and mortgage banking, representing an established scaled-up version of First Palmetto's model.
- Pinnacle Financial Partners: Major Southeast-based community bank focused on relationship banking, commercial, consumer, and mortgage lending; broader geographic reach and product set position it as a larger-scaled peer.
Emerging players
- Chime: Large US consumer neobank targeting fee-free retail deposit accounts and early direct-deposit customers; represents a digital-first challenger whose growth is a key disintermediation risk for legacy community banks.
Direct peers
- GrandSouth Bank: South Carolina-based community bank with branch-based delivery of consumer deposits, small-business banking, and mortgage products—a closely comparable size and go-to-market model.
- Live Oak Bancshares: Southeast-headquartered community bank offering consumer deposits, small-business lending, and mortgage products with a digitally enabled but relationship-led approach to similar customer segments.
- Southern First Bancorp: South Carolina-headquartered community bank offering personal, business, and mortgage banking across the same state footprint, with a similar relationship-led model targeting retail and small-business customers.
- First Reliance Bank: Locally owned South Carolina community bank providing deposit, lending, and mortgage services to consumers and small businesses through multiple branches in the same state.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
First Palmetto Bank social profiles
Digital presenceFirst Palmetto Bank compliance and trust
Trust signalCompliance3 records
First Palmetto Bank financial estimates
Financial estimateRevenue estimate
Valuation estimate
First Palmetto Bank leadership team
Management profileNumber of profiles
Profiles4 records
First Palmetto Bank funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
First Palmetto Bank M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about First Palmetto Bank
What does First Palmetto Bank do?
First Palmetto Bank is a community bank providing traditional deposit accounts (checking, savings, money market, CDs, IRAs, HSAs), consumer lending (personal loans, vehicle loans), a comprehensive residential mortgage product suite, and small business/commercial banking services including business checking, business loans, ACH/wire transfers, and remote deposit. It serves South Carolina consumers and businesses through 22 physical branches supplemented by online and mobile banking.
Is First Palmetto Bank a public or private company?
First Palmetto Bank is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was First Palmetto Bank founded?
First Palmetto Bank was founded in 1904. It employs 51 to 100 people.
Where is First Palmetto Bank based?
First Palmetto Bank is headquartered in Camden, United States, in the North America region.
How does First Palmetto Bank make money?
Four revenue lines are on record. Interest Income from Lending is the primary driver. The others are deposit Account Services, transaction and Service Fees and mortgage Banking.
Who are First Palmetto Bank's main competitors?
Broad incumbents on record are Wells Fargo, Truist Financial Corporation, Bank of America, United Community Banks and Pinnacle Financial Partners. Chime is listed as an emerging player. Direct peers are GrandSouth Bank, Live Oak Bancshares, Southern First Bancorp and First Reliance Bank.
Does First Palmetto Bank have an API?
No public API is recorded for First Palmetto Bank.
What industry is First Palmetto Bank in?
First Palmetto Bank's product category is Retail Banking. Its primary akta.pro industry code is FSABAAAA, Mass-Market Consumer Deposit Banking (Checking/Savings), with a secondary code of FSABAAAB, Retail Lending (Personal Loans, Auto, Credit Lines). Its NAICS code is 522110 and its SIC code is 6022.