First Federal of south carolina

What First Federal of south carolina does

First Federal Savings Bank of SC, Inc., doing business as 1st Federal of South Carolina or "The Family Bank," is a federally chartered, FDIC-insured community savings bank headquartered in Walterboro, South Carolina, with a second branch on Edisto Island. Founded in August 1963 as First Federal Savings & Loan Association of Walterboro to address the absence of long-term mortgage financing in Colleton County—where commercial banks at the time offered only short-term credit—the institution has retained its commitment to local, in-house loan servicing for the life of every loan, a positioning choice that has defined the franchise for over 60 years. Customers span individual consumers, senior citizens (55+), students, small to medium-sized businesses, and non-profit organizations in Colleton County and surrounding South Carolina communities. The bank is publicly traded on OTCQB under ticker FSGB.

The product portfolio includes deposit products (First Choice, Preferred Customer, First Class Senior, Student, and Money Market checking; Statement Savings; Christmas Club; CDs from 91 days to 48 months; IRA CDs) and loan products (fixed-rate, construction, second mortgage, and lot mortgages; home equity lines; consumer loans for manufactured homes, vehicles, boats, and personal use; commercial real estate financing; and short- and long-term business credit). The bank also offers the Kasasa rewards suite—Kasasa Cash at 4.25% APY on balances up to $35,000, Kasasa Cash Back at 3% cash back on debit purchases, Kasasa Cash Saver, and Kasasa Cash Back Saver at 2.00% APY up to $50,000. Technology infrastructure includes a web-based online banking platform with 128-bit SSL encryption, native iOS and Android mobile applications, the Fiserv-powered "First Federal Secure Wallet" for card controls and fraud detection, a Mastercard-branded debit card interoperable with Cirrus and Accel ATM networks, an automated 24/7 telephone teller, electronic bill payment, and direct deposit.

The revenue model is a traditional bank net-interest-margin plus fee business. Primary revenue is interest income on the loan portfolio (mortgage, consumer, commercial real estate) net of interest paid on deposits, with APY offerings ranging from 0.10% on basic checking to 4.25% on Kasasa Cash qualifying balances. Fee income includes $30 overdraft/NSF charges, $20 domestic and $50 foreign wire transfer fees, safe deposit box rentals ($30-$100 annually), small business checking service charges ($6/month plus per-transaction analysis), check printing through Deluxe, and various ancillary service charges.

Name

First Federal of south carolina

Legal name

1st Federal Savings Bank of SC, Inc.

Website

https://1stfederalofsc.com

Company type

Private

Founded year

1963

Operating status

Operating

Headcount range

1–10 employees

Short description

First Federal Savings Bank of SC is a community savings bank founded in 1963, serving Colleton County, South Carolina with deposits, mortgages, consumer and commercial loans, plus Kasasa rewards accounts, through two branches and digital channels.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (52218)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

Savings Banks (Public/State-Owned) (FSABAKAK)

akta.pro secondary industry

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

Keywords

• Community banking
• Retail banking
• Mortgage lending
• Consumer loans
• Deposit products

Headquarters

HQ city

Walterboro

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income on Loans: Primary revenue stream from interest charged on mortgage loans (fixed rate, construction, second mortgages, lot loans), consumer loans (manufactured homes, vehicles, boats, recreational vehicles, personal loans), and commercial loans (real estate financing, working capital). Interest rate varies by product type and term.
2. Deposit Interest Spread: Revenue generated from spread between interest paid on deposits (checking, savings, CDs, IRAs, money market) and interest earned on loans. APY rates range from 0.10% to 4.25% depending on account type and balance tier.
3. Banking Service Fees: Fees charged for various banking services including wire transfers ($20 domestic, $50 foreign), overdraft/NSF fees ($30), stop payments ($30), account research ($25/hour), check copies ($3), safe deposit box rental ($30-$100 annually), night depository bags ($20), cashier's checks ($5-$7), and dormant account fees ($7.50/month).
4. Business Account Fees: Monthly service fees on business checking accounts ($6/month for Small Business), analysis fees per transaction ($.17 per deposit, $.07 per item), and check printing fees through Deluxe.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels4 records

Core offering

1st Federal Savings Bank of SC, Inc. is a community savings bank providing traditional deposit products (personal and business checking, savings, CDs, IRAs, money market, Kasasa rewards accounts), loan products (fixed-rate mortgages, construction loans, second mortgages, lot loans, home equity, consumer loans, commercial real estate financing), and digital banking services (online banking, mobile app, telephone teller, bill payment). All loans are serviced locally in Walterboro for the life of the loan.

Product overview

First Federal Savings Bank of SC, Inc. offers a comprehensive suite of traditional banking products organized across deposit products, loan products, and banking services. The deposit portfolio includes multiple checking account variants (First Choice, Preferred Customer, First Class Senior, Student, Money Market) plus statement and Christmas Club savings accounts, CDs in terms from 91 days to 48 months, and IRA CDs. The Kasasa family (Kasasa Cash, Kasasa Cash Back, Kasasa Cash Saver, Kasasa Cash Back Saver) provides rewards-based checking and savings with high APY rates and cash back tied to monthly qualification activities. Loan offerings span mortgage products (Fixed Rate, Construction, 2nd Mortgage, Lot Loans), consumer loans (Home Equity, vehicles, manufactured homes, personal loans), and commercial lending (real estate financing, short/long-term commercial credit). Service offerings include online and mobile banking (via Secure Wallet powered by Fiserv), Mastercard debit cards, wire transfers, Automated Telephone Teller, night deposit, safety deposit boxes, overdraft protection, and direct deposit. The bank emphasizes local loan servicing and has served the Colleton County community since 1963.

Differentiator

Problem solved

Functional benefit

Brands

• Kasasa Cash: High-interest checking account product offering up to 4.25% APY on balances up to $35,000 with qualifying activities.
• Kasasa Cash Back
• Kasasa Cash Saver
• Kasasa Cash Back Saver

Products and services

• Certificate of Deposit (CD) Time deposit accounts with fixed interest rates and FDIC insurance, available in terms ranging from 91 days to 48 months with a $1,000 minimum opening deposit.
• IRA Certificate of Deposit Individual Retirement Account CDs with tax-advantaged savings, available in 12, 18, and 30-month terms with $100 minimum opening deposit.
• Statement Savings Savings account with daily interest compounding paid quarterly, unlimited check writing privileges, and $25 minimum opening deposit for ages 18 or younger or $100 for ages 19 or older.
• Christmas Club Savings Specialized savings account for holiday expenses with $10 minimum opening deposit, no withdrawals allowed, and club checks mailed end of October.
• First Choice Checking Personal checking account with free e-statements or monthly statements including check images, no minimum balance restrictions, and unlimited check writing privileges.
• Preferred Customer Checking Interest-bearing checking for customers with mortgage loans and/or $2,500 in savings, with $100 minimum opening deposit.
• First Class Senior Checking Checking account for customers 55 years and older, offering three free ATM withdrawals per statement cycle at non-1st Federal ATMs with $1 per transaction thereafter.
• Student Checking Checking account for college or high school students under 25 years with valid student ID, requiring $25 minimum opening deposit.
• Money Market Funds Tiered interest-bearing account with $2,500 minimum opening deposit, offering different rates for balances ranging from $0.01 to $14,999.99 and $15,000 and above.
• First Choice Business Checking Business checking account for corporations, LLCs, and partnerships with $100 minimum opening deposit, no minimum balance requirement, no service charge, and unlimited check writing.
• Small Business Checking Business checking for businesses with limited transactions, featuring $6 monthly service fee, 50 free checks per statement period, and free e-statements.
• Non-Profit Organization/Sole Proprietorship Checking Checking account for sole proprietors, non-profit and civic organizations with $5 monthly fee waived by maintaining $500 minimum daily balance, which also earns interest.
• Kasasa Cash High-interest checking account offering 4.25% APY on balances up to $35,000 (with 0.349% on balances over $35,000), dropping to 0.10% APY when qualifications are not met. Requires e-statements and monthly online banking login.
• Kasasa Cash Back Free checking account earning 3% cash back on debit card purchases up to $300 in total purchases ($9 maximum per cycle), plus nationwide ATM withdrawal fee refunds up to $25 when qualifications are met.
• Kasasa Cash Saver Savings account linked to Kasasa Cash rewards, automatically transferring cash back rewards into savings for automatic savings accumulation.
• Kasasa Cash Back Saver Savings account earning 2.00% APY on balances up to $50,000 when monthly qualifications are met, with Kasasa Cash Back rewards automatically transferred for automatic savings.
• Fixed Rate Mortgage Loans Traditional mortgage loans with locked-in interest rates and fixed principal and interest payments for the life of the loan, with locally serviced accounts.
• Construction Mortgage Loans Fixed rate loan product for home construction where borrowers pay only interest on funds disbursed during the construction period.
• 2nd Mortgage Loans Secondary financing option for home improvements, debt consolidation, education tuition, or other personal needs, with funding based on home equity.
• Lot Loans Financing for lot purchases with flexible terms and amortization periods until construction of a home begins on the property.
• Home Equity Financing Personal line of credit using home equity, potentially offering tax-deductible interest for various borrowing needs including home improvements and debt consolidation.
• Consumer Loans Various consumer loans including new and used manufactured/modular homes, vehicles (cars, boats, airplanes, recreational vehicles), real estate, and unsecured personal loans.
• Commercial Real Estate Financing Commercial loan programs for real estate acquisition, development, rehabilitation, and construction covering single and multi-family residential, commercial, institutional, and income-producing properties.
• Short and Long Term Commercial Financing Business credit solutions tailored to company objectives, with partnership approach to understanding performance, opportunities, and risks.
• Safety Deposit Box Secure storage rental available in multiple sizes (3x5 to 10x10) with annual rental fees; discounts available for senior customers with $5,000+ deposits or customers with $2,500+ in checking/savings.
• Wire Transfer Same-day fund transfers between the bank and any other U.S. bank, with fees of $20 for incoming/outgoing domestic wire transfers and $50 for foreign wire transfers.
• Mastercard Debit Card Debit card usable at any Mastercard-accepting merchant, as an ATM card at Cirrus/Accel/Mastercard ATMs, and as a point-of-sale card with daily limits of $300 cash withdrawal and $500 point-of-sale.

Quantifiable outcome

• 4.25% APY available on Kasasa Cash high-yield checking accounts
• +3 more outcomes

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature3 records

Scale indicators2 records

Recent moves4 records

Expansion highlights4 records

Emerging players

• Ally Financial: Ally Financial is a leading online-only bank and consumer financial services company offering high-yield savings, CDs, and consumer lending without branches. Represents the digital-first competitive threat to community banks like First Federal of SC for deposit dollars and consumer loan customers.

Broad incumbents

• First Citizens BancShares: First Citizens BancShares is the largest bank headquartered in North Carolina with significant South Carolina presence following its acquisition of CIT and earlier community bank deals. It operates a broad retail, commercial, and wealth franchise across the Carolinas and is a natural acquirer of small community savings banks like First Federal of SC.
• Truist Financial Corporation: Truist Financial is one of the largest Southeast regional banks with deep retail branch networks in the Carolinas, offering deposit, mortgage, and commercial products that directly compete with First Federal of SC in Colleton County. As a broad incumbent, it competes on scale, technology investment, and rate competitiveness.

Direct peers

• Quaint Oak Bancorp: Quaint Oak Bancorp is a very small community bank holding company in Pennsylvania offering traditional deposit, mortgage, and consumer loan products. Most comparable in scale and community-bank operating model to First Federal of SC's two-branch footprint.
• Coastal Financial Corp: Coastal Financial Corp (CCB) is a community bank holding company based in Washington state focused on small business and consumer banking with a community-bank operating model. Similar scale and product breadth to First Federal of SC, with comparable exposure to local-market mortgage and commercial lending.
• FNCB Bancorp: FNCB Bancorp operates a community bank in northeastern Pennsylvania with traditional deposit and loan products. Comparable in scale, branch footprint, and customer segments to First Federal of SC.
• PSB Holdings: PSB Holdings is a very small community bank holding company operating a single community bank in Wisconsin. Highly comparable to First Federal of SC in size, operating philosophy, and product mix.
• Pinnacle Financial Partners: Pinnacle Financial Partners is a community-focused bank holding company operating across the Southeast with a relationship-banking model that emphasizes local decision-making and full-service deposit, mortgage, and commercial lending — directly comparable to First Federal of SC's value proposition, though at materially larger scale.
• Live Oak Bancshares: Live Oak Bancshares (LOB) is a community-focused bank holding company with a similar emphasis on small business lending, niche banking products, and digital-first infrastructure. Comparable in mission and product mix to First Federal of SC, though operating at larger scale and serving national small-business customers rather than a single county.
• Parke Bancorp: Parke Bancorp is a small community bank holding company in New Jersey focused on deposit gathering and small business lending in its local market. Comparable scale, customer mix, and product breadth to First Federal of SC.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks1 record

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/first-federal-of-south-carolina-fsb

Compliance1 record

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 First Federal of south carolina