Rock Hill Bank & Trust

Rock Hill, SC: (Feb-25-07) A lawsuit filed by shareholders of the currently defunct Rock Hill Bank & Trust reached its final settlement when a federal judge announced that Rock Hill will pay $1.3 million dollars to resolve the class action lawsuits. The two class action lawsuits filed against the bank, accusing it of irregularities in the commercial loan department, ended with 1100 shareholders splitting the $1.3 million. The Federal Deposit Insurance Corp. nearly took the bank over when an investigation revealed it needed $20 million dollars to cover problem loans, but decided to sell it to South Financial Group of Greenville instead. [THE HERALD: ROCK HILL SETTLEMENT]