SC-based bank wins tentative approval in bailout

South Carolina’s largest publicly traded bank has announced receiving tentative approval for nearly $350 million in federal bailout money.
   
The South Financial Group on Friday also announced the bank’s named an interim president and chief executive. The company’s chief commercial banking officer Lynn Harton replaces former CEO and founder Mack Whittle, who retired last month.
   
The South Carolina-based banking group says the Treasury Department intends to invest about $347 million in its stock, which would allow the company to increase its lending in the Carolinas and Florida.
   
Earlier this week, Gov. Mark Sanford criticized Whittle’s $18 million payout. The bank said Whittle’s retirement and the amount were agreed to before the Treasury announced its bailout plans.