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Helping Seniors Make Better-Informed Medicare Decisions
Trying to pick a health insurance plan can be a chore for anyone. For many people, just mentioning the word "open enrollment" sends shivers down the spine. It seems like there's always a nagging feeling that you're wasting money, choosing a plan with poor in-network care, or both. One would think that health insurance gets easier as you approach retirement age, but the truth is that picking an initial Medicare coverage plan can be daunting.
Unfortunately, the confusing process of signing up for Medicare causes many seniors to forego healthcare coverage altogether. After all, Medicare enrollment can involve several federal agencies, including the Social Security Administration (or SSA) and the Centers for Medicare and Medicaid Services (or CMS).
At Senior Medicare Insurance Services, our passion is guiding seniors through the confusion of Medicare. That way, they can enjoy retirement with peace of mind knowing they are protected and ready for life after 65. We work with dozens of insurance companies, giving our clients the chance to choose a plan that best fits their lifestyle.
We choose to design our senior insurance plans with a focus on optimal benefits structure, lower costs, and personalized service. Some independent insurance agencies see their aging customers as nothing more than a financial transaction waiting to happen. In contrast, we treat each of our clients with respect and dignity as we help them navigate the confusing waters of Medicare. Combined with individualized service, we help older Americans make well-informed decisions about insurance. Whether you're in need of senior Medicare Supplement Plan insurance in Ladson or simply have questions about signing up for Medicare, our team is here to help.
Service Areas
What is Medicare?
If you're approaching the golden years of your life, it's important you understand what Medicare is if you don't already.
Medicare is a federal health insurance program reserved for people older than 65 who have worked full-time for at least ten years. The Medicare program is paid for by a combination of worker payroll tax, premiums paid by Medicare enrollees, and the U.S. government.
There are four parts of Medicare:
This type of Medicare is free for most U.S. citizens. Medicare Part A helps older adults pay for care in a nursing facility, hospital visits, and some forms of in-home senior care.
This tier costs around $100 per month. It covers different outpatient services like lab tests, preventative care, doctor's visits, mental health care, clinical trials, and some forms of surgery.
This type of Medicare is most often called Medicare Advantage. This tier of Medicare allows seniors to choose health plans provided by insurance companies like Senior Medicare Insurance Services. Individuals who use Medicare Advantage commonly use Medicare supplement plan insurance to help pay for health care costs that Original Medicare won't cover, like coinsurance, deductibles, and copayments.
Sometimes called "PDPs," these plans add drug coverage to standard Medicare, some Medicare Private Fee-for-Service Plans (PFFS), some Medicare Cost Plans, and Medicare Medical Savings Account Plans (MSA).
The amount of money you pay for your health care depends on several factors, including:
- What kind of care you need, and how often it is needed.
- The type of Medicare coverage you choose.
- Whether there are alternative insurance policies that will help fill gaps in your coverage
- Whether a doctor agrees to charge you the same amount that Medicare will cover for a medical service
At Senior Medicare Insurance Services, we offer a number of health insurance solutions for seniors. Two of our most used services include Medicare Advantage plan insurance and Medicare supplement plan insurance.
Senior Medicare Supplement Plan Insurance in Ladson
Sometimes called Medigap, the purpose of Medicare Supplement Insurance is to help fill in "gaps" that might not be covered by Original Medicare. You can think of a Medigap policy as a supplement for your Original Medicare benefits.
Private companies like Senior Medicare Insurance Services sell this type of insurance right here in South Carolina. While Original Medicare will pay for much of the cost associated with health care services you need, it may not cover all of your expenses. Generally, Medigap policies do not cover costs stemming from eyeglasses, private-duty nurses, dental care, hearing aids, or long-term care.
Depending on the Medicare Supplement Plan that you choose, it may cover out-of-the-country medical services when you travel abroad. Assuming you have Original Medicare coverage, your policy will cover its share of Medicare-approved health care costs. Once your Original Medicare coverage reaches its limit, your Medigap policy will pay its share of the fees.
Our Medigap policies are drafted to meet your specific needs, and can help cover remaining health care costs such as:
Deductibles
Copayments
Coinsurance
Important Information About Senior Supplement Plan Insurance
To dispel some confusion, you should know that a Medigap policy is not the same as a Medicare Advantage Plan. The latter helps you receive Medicare benefits, while the former supplements the benefits you obtain through your Original Medicare plan. As you begin to explore Medicare Supplement Insurance Plans, keep the following important information in mind:
As you begin to explore Medicare Supplement Insurance Plans, keep the following important information in mind:
- To qualify for a Medigap policy, you must first have Medicare Part A and Medicare Part B.
- Payments on your Medicare Supplement Insurance Plan will be made to the private insurance company that you choose, like Senior Medicare Insurance Services. These payments are made every month and are paid in addition to the monthly payment you make for Medicare Part B.
- If you are the holder of a Medicare Advantage Plan, it is illegal for an insurance company to sell you a senior Medicare Supplement Policy. If you plan on switching back to an Original Medicare plan, you may be able to purchase a Medigap policy.
- If you have health problems as you age, your standardized Medigap policy is guaranteed to be renewable. So long as you pay your monthly premium, your insurance provider cannot cancel your policy.
- Medigap policies only cover one person. If you have a spouse or family member that would like coverage, they must purchase a separate policy.
- You may only buy a Senior Medicare Supplement Plan from an insurance agent that is licensed to sell them in your state. Senior Medicare Insurance Services has been licensed to sell Medigap policies in South Carolina for years. We have helped countless seniors get the Medicare coverage they need and continue to do so to this day.
- In the past, Medigap policies were able to cover costs related to prescription drugs. As of January 1st, 2006, prescription drug coverage is not available on Medicare Supplement Plans. The best way to get coverage for your prescription drugs is to join a Medicare Prescription Drug Plan, often called Part D. Contact our office today to learn more about paying premiums on Medigap and Medicare plans.
For many people, the best time to buy senior Medicare Supplement Plan Insurance in Ladson is during the 7 months Medigap Open Enrollment Period. This period starts the day you turn 65 years old, so long as you hold Medical Insurance (Medicare Part B). Generally, during the enrollment period, you get more policy choices and better pricing. Once the enrollment period is over, you may not be able to purchase a Medigap policy. Contact Senior Medicare Insurance Services today to determine if you qualify for a Medicare Supplement Insurance Plan.
Senior Medicare Advantage Plan Insurance in Ladson, SC
A Medicare Advantage Plan is a kind of Medicare health coverage designed to provide seniors with all their Part A and Part B Medicare benefits. Many Medicare Advantage Plans will often include coverage of the following:
- Preferred Provider Organizations
- Special Needs Plans
- Private Fee-for-Service
- Medicare Medical Savings Account Plans
- Health Maintenance Organizations
In addition, most Medicare Advantage Plans give seniors coverage for their prescription drug needs. When you enroll in a Medicare Advantage Plan through Senior Medicare Insurance Services, your Medicare benefits are covered through your plan and will not be paid for by traditional Medicare.
How Medicare Advantage Plans Work
Sometimes called "MA Plans" or "Part C," Medicare Advantage Plans are considered an "all in one" solution to Original Medicare. Senior Medicare Advantage Plans are only offered by private companies that are approved, like Senior Medicare Insurance Services. Seniors who enroll in a Medicare Advantage Plan are still on Medicare. However, these individuals enjoy bundled plans that give seniors the benefits of hospital insurance (Medicare Part A), medical insurance (Medicare Part B), and sometimes drug coverage (Part D).
Medicare Advantage Plans are very popular because they cover all Medicare services and make life a little easier for seniors who have trouble understanding the nuances of Medicare.
When you contact Senior Medicare Insurance Services to choose your Medicare Advantage Plan, ask your agent about Medicare prescription drug coverage. Unless you already have drug coverage (Part D), you should seriously consider Part D coverage to help reduce costs associated with prescription drugs. You may also want to consider a Medicare Supplement Insurance Plan to help fill gaps in coverage that Original Medicare will not cover.
Medicare Advantage Plan Insurance Rules
Medicare works by paying a set amount of money to the companies that offer senior Medicare Advantage Plan insurance in Ladson. That money is used to pay for the care services that you need. Because Medicare Advantage Plans are different, you should expect out-of-pocket costs to vary depending on the plan you choose.
Different plans have different rules for how you receive services, such as:
If you must go to facilities, suppliers, or doctors that belong to your Advantage Plan for non-urgent and non-emergency care.-
Whether you must get a referral to see a specialized doctor
Companies that offer Medicare Advantage Plans must follow strict rules, which are set by Medicare and can change every year.
Paying for Your Senior Medicare Advantage Plan Insurance
How much you pay for your Medicare Advantage Plan varies and depends on a few different factors. In most cases, if you need a kind of medical service, you will need to rely on the doctors and providers in your plan's service area and network to pay the lowest amounts. In some cases, if you choose to use a service outside of your plan's network of coverage, you may have to pay out-of-pocket.
We encourage you to contact our office today to learn more about Medicare Advantage Plans, how they work, what your options are, and how often you will have to pay out-of-pocket, if at all.
The Senior Medicare Insurance Services Commitment
Since our company was founded, we have led the insurance industry by providing our clients with the most valuable, helpful insurance solutions available. We are fully committed to our current and prospective clients by:
Choosing to focus on personalized, one-on-one service. When you work with our team, know that we will always design your health insurance plan with your best interests in mind.-
Listening to your specific needs. -
Responding to all inquiries and questions promptly and with a friendly attitude. -
Providing you with the best customer service in the senior health insurance industry, whether you have questions or are ready to move forward with a Medicare plan.
Our mission is to help give seniors the best Medicare assistance available so that they may understand the Medicare process and make an informed health coverage decision. We have the knowledge, skills, and experience to assist anyone interested in Medicare. Our personal goal is to become a lifetime resource for our clients and give them greater confidence in choosing their insurance plans.
Latest News in Ladson, SC
Sun Communities : Investor Presentation – March 2023
marketscreener.comhttps://www.marketscreener.com/quote/stock/SUN-COMMUNITIES-INC-14510/news/Sun-Communities-Investor-Presentation-ndash-March-2023-43170399/
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKINGSTATEMENTSThis presentation has been prepared for informational purposes only from information supplied by Sun Communities, Inc., referred to herein as "we," "our," "Sun," and "the Company," and from third-party sources indicated herein. Such third-party information has not been independently verified. Sun makes no representation or warranty, expressed or implied, as to the accuracy or completeness of such information.This presentation contain...
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKINGSTATEMENTS
This presentation has been prepared for informational purposes only from information supplied by Sun Communities, Inc., referred to herein as "we," "our," "Sun," and "the Company," and from third-party sources indicated herein. Such third-party information has not been independently verified. Sun makes no representation or warranty, expressed or implied, as to the accuracy or completeness of such information.
This presentation contains various "forward-looking statements" within the meaning of the United States Securities Act of 1933, as amended, and the United States Securities Exchange Act of 1934, as amended, and we intend that such forward-looking statements will be subject to the safe harbors created thereby. For this purpose, any statements contained in this presentation that relate to expectations, beliefs, projections, future plans and strategies, trends or prospective events or developments and similar expressions concerning matters that are not historical facts are deemed to be forward-looking statements. Words such as "forecasts," "intends," "intend," "intended," "goal," "estimate," "estimates," "expects," "expect," "expected," "project," "projected," "projections," "plans," "predicts," "potential," "seeks," "anticipates," "anticipated," "should," "could," "may," "will," "designed to," "foreseeable future," "believe," "believes," "scheduled," "guidance," "target" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these words. These forward-looking statements reflect our current views with respect to future events and financial performance, but involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this presentation, some of which are beyond the Company's control. These risks and uncertainties may cause the Company's actual results to be materially different from any future results expressed or implied by such forward-looking statements. In addition to the risks described under "Risk Factors" contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, and in the Company's other filings with the Securities and Exchange Commission from time to time, such risks, uncertainties and other factors include but are not limited to:
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements included in this presentation, whether as a result of new information, future events, changes in the Company's expectations or otherwise, except as required by law. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, levels of activity, performance or achievements. All written and oral forward-looking statements attributable to the Company or persons acting on the Company's behalf are qualified in their entirety by these cautionary statements.
2
SUN COMMUNITIES - COMPANY KEY TOPICS
Key Topics
Strong Results in 2022 Demonstrated Recession-Resistant Platform, 2023 FY Guidance Based on Continued Strong Same-Property NOI Growth
Leading Owner / Operator of Manufactured Housing ("MH") &
Recreational Vehicle ("RV") Communities, and Marinas
Compelling Supply-Demand Fundamentals & Best-in-Class Assets
Drive Strong Performance Throughout Economic Cycles
Track Record of Delivering Strong Core FFO Per Share Growth
Strong Investment Grade Balance Sheet Supports Growth
Robust ESG Platform
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4 - 6
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SUN OUTDOORS ROCKY MOUNTAINS - GRANBY, CO
Rental Revenue Breakdown
| Source: Company information. Refer to Sun Communities, Inc. Form 10-K and Supplemental for the year ended December 31, 2022, as well as Press Releases and SEC Filings after December 31, 2022, for additional information. Refer to | 3 |
| information regarding non-GAAP financial measures in the attached Appendix. |
ROBUST FUNDAMENTALS CONTINUE TO DRIVE OUTPERFORMANCE
53% of Real Property NOI Derived from MH
Consolidated NOI for the year ended December 31, 2022
| North America: 6.3% | MH | ||
| UK Operations: 7.3% | |||
| 53% | |||
| 2023 Average Rental | 7.8% | ||
| Rate Increases(1) | |||
| 7.5% | Marina | RV | |
| 21% | 26% |
Steady, Organic Growth
85% of NOI Derived from Rental Income
Consolidated NOI for the year ended December 31, 2022
11%
4%
85%
Real property Home Sales Service, retail, dining and entertainment
Source: Company information. Refer to Sun Communities, Inc. Form 10-K and Supplemental for the year ended December 31, 2022, as well as Press Releases and SEC Filings after December 31, 2022, for additional information. Refer to information regarding non-GAAP financial measures in the attached Appendix.
| Note: The estimates and assumptions presented above represent a range of possible outcomes and may differ materially from actual results. These estimates include contributions from all acquisitions, dispositions and capital markets activity completed through | |
| February 22, 2023, and the effect of a property disposition under contract expected to close in March 2023. These estimates exclude all other prospective acquisitions, dispositions and capital markets activity. The estimates and assumptions are forward-looking | 4 |
| based on the Company's assessment of economic and market conditions as of the date guidance was issued and are subject to the other risks outlined below under the caption Cautionary Statement Regarding Forward-Looking Statements. | |
| 1) | Midpoint of 2023 guidance. |
FY22 PERFORMANCE REVIEW
Resilient Platform and Operational Strength Drive Outperformance
COUNTRY VILLAGE ESTATES - OREGON CITY, OR
| Source: Company information. Refer to Sun Communities, Inc. Form 10-K and Supplemental for the year ended December 31, 2022, as well as Press Releases and SEC Filings after December 31, 2022, for additional information. Refer to | |
| information regarding non-GAAP financial measures in the attached Appendix. | |
| Note: The estimates and assumptions presented above represent a range of possible outcomes and may differ materially from actual results. These estimates include contributions from all acquisitions, dispositions and capital | |
| markets activity completed through February 22, 2023, and the effect of a property disposition under contract expected to close in March 2023. These estimates exclude all other prospective acquisitions, dispositions and capital | |
| markets activity. The estimates and assumptions are forward-looking based on the Company's assessment of economic and market conditions as of the date guidance was issued and are subject to the other risks outlined below | 5 |
| under the caption Cautionary Statement Regarding Forward-Looking Statements. |
Coastal Carolina Fair opens in Ladson
Forrest Tuckerhttps://www.counton2.com/news/the-coastal-carolina-fair-opens-in-ladson/
LADSON, S.C. (WCBD)- The annual Coastal Carolina Fair is underway at Exchange Park in Ladson.Most fairgoers have their eyes and stomachs on fair food for the first day.“They always have good food and it’s just a good time to spend with family. They have a little arts and crafts center where you can see the students’ local talents,” said Jasmine Kelly.“Sausage dogs and French fries. Walk around and look and see what’s going on,” said Woody Barsha.One of the new food items o...
LADSON, S.C. (WCBD)- The annual Coastal Carolina Fair is underway at Exchange Park in Ladson.
Most fairgoers have their eyes and stomachs on fair food for the first day.
“They always have good food and it’s just a good time to spend with family. They have a little arts and crafts center where you can see the students’ local talents,” said Jasmine Kelly.
“Sausage dogs and French fries. Walk around and look and see what’s going on,” said Woody Barsha.
One of the new food items on the menu is an Oreo cookie crusted turkey leg.
“No I don’t think so I’ll stick to French fries,” said Barsha.
“I can’t eat that much, but I will have an elephant ear,” said Kelly.
There are 10 new rides this year as well. One of them is a Ferris Wheel that’s 12 stories tall and comes from The Netherlands.
Fair organizers say that those new attraction and food items are great additions, but having a full-scale fair is also something to celebrate.
“We’re really excited about opening up because this is the first really big open fair we’ve had since COVID-19 has happened. We say ‘New in 22,’ and that’s what we’re doing because we have brand new rides, we have many new food vendors so we’re really excited about starting the year off right,” said Gary Leonard from the office of Media and Publicity Relations at the Coastal Carolina Fair.
Most families make the fair a tradition, but it’s even more special for Dan Caskey.
“Today’s my birthday. Every year I have a party and bring this to town to share with everybody else. It’s a great tradition. We love coming out here and having a fun time with the family,” said Caskey.
The fair runs for 12 days and hours of operation can be found here. A calendar of events can be found here.
Fire destroys several units at Ladson storage facility
Raymond Owenshttps://www.counton2.com/news/local-news/fire-destroys-several-units-at-ladson-storage-facility/
LADSON, S.C. (WCBD) – Several people are sifting through what is left of their belongings after a major fire broke out at a Ladson storage facility on Tuesday morning.The emergency call came in at 7:46 a.m. saying Ladson Self Storage was on fire. The fire destroyed a dozen units at the facility off Highway 78.Wesley Cliff, who owns Living Rock Landscapes, keeps tools, equipment, and some...
LADSON, S.C. (WCBD) – Several people are sifting through what is left of their belongings after a major fire broke out at a Ladson storage facility on Tuesday morning.
The emergency call came in at 7:46 a.m. saying Ladson Self Storage was on fire. The fire destroyed a dozen units at the facility off Highway 78.
Wesley Cliff, who owns Living Rock Landscapes, keeps tools, equipment, and some vehicles for his company at the storage facility.
“I was on my way to work this morning and I pull up to the front of the gate and there’s a guy out there – he’s bleeding from his head, and he just asked for help, and call 9-1-1,” said Cliff.
Cliff said he was just trying to figure out what was going on.
“I look in through the gate and I see up there, I mean there’s smoke everywhere. So, I drive to the back and there’s multiple units on fire,” he recalled.
The fire was ripping through the storage units.
“There was another guy running from the back- he’s coming up to the front saying call 911, and about that time these guys were already here, and they pulled in there and they started getting everything unloaded and started fighting the fire and cutting the doors open. It was a pretty big fire. Got pretty big for a minute,” said Cliff.
12 units were destroyed by fire or heavy smoke damage.
“Units went to work immediately pulling hand lines, starting to extinguish the fire,” explained Battalion Chief Charles Evans with C&B Fire Department.
Numerous fire departments responded. The cause of the fire is undetermined at this point.
And as for the man with blood on his head, officials told News 2 he had minor injuries that did not require EMS transportation.
“Sounds like he was in the unit, perhaps fell down a ladder or some stairs, and one of the units when he was trying to get away to report the fire,” said Batt. Chief Evans.
“Luckily for us, it wasn’t one of our units. But unfortunately, there were some other contractors back there. It was their units; it’s a total loss for those guys. It’s sad that that stuff happens, but they got here fast, they got it put out pretty quickly,” said Cliff.
Crews were on the scene for several hours as they worked to extinguish the flames.
Everything you need to know for this year's Coastal Carolina Fair
Bailey Wrighthttps://abcnews4.com/news/local/everything-you-need-to-know-for-this-years-coastal-carolina-fair-wciv-ladson-south-carolina-tickets-food-security-clear-bag-policy-rollercoaster-ferris-wheel
LADSON, S.C. (WCIV) — It's that time of year again! The annual Coastal Carolina Fair kicks off this week in Ladson with some brand new rides and foods.The fair opens this Thursday and Friday from 3 to 9 p.m.This year's fair will run from Thursday, Oct. 27 to Sunday, Nov. 6.RIDESThere will be around 65 rides in total this year, including some new ones.Thrill seekers will be excited to see the largest rol...
LADSON, S.C. (WCIV) — It's that time of year again! The annual Coastal Carolina Fair kicks off this week in Ladson with some brand new rides and foods.
The fair opens this Thursday and Friday from 3 to 9 p.m.
This year's fair will run from Thursday, Oct. 27 to Sunday, Nov. 6.
RIDES
There will be around 65 rides in total this year, including some new ones.
Thrill seekers will be excited to see the largest rollercoaster AND Ferris wheel they've had yet. The Ferris wheel is over 100-ft tall.
“We’ve got a brand-new carnival. It’s a big deal for us. We had a very long relationship with the last one, and this one had some opportunities to bring some new coasters, rollercoasters in. Some great rides, and we just couldn’t pass it up,” said Coastal Carolina Fair’s media relations spokesperson, Jay Wallace.
The Coastal Carolina Fair returns Thursday, Oct. 27, 2022. ABC News 4 reporter Sean Mahoney spoke to organizers about fair rides. (WCIV)
FOOD
A wide variety of tasty treats are on the menus: barbeque sandwiches, cinnamon rolls, bread pudding, funnel cakes, deep fried brownies- and the list goes on and gets more creative.
Some other options will include funnel cakes, elephant ears, and award-winning jalapeno corndogs.
Be sure to look out for the Oreo-encrusted turkey leg!
ENTERTAINMENT
In addition to rides and food, fairgoers will find lots of other entertainment.
The Coastal Carolina Fair returns Thursday, Oct. 27, 2022. ABC News 4 reporter Sean Mahoney spoke to organizers about the petting zoo. (WCIV)
TICKETS
Coastal Carolina Fair officials suspended online ticket sales until further notice after fraudulent activity was detected Wednesday.
Tickets can be purchased at Circle K stores or at the fair gates for the time being.
Credit and cash are accepted at the gate ticket booths, but only credit is accepted at the kiosks located at each entry gate.
Fair officials said do not buy tickets from people that approach you or posted online.
Check the fair's calendar for special discount days for seniors and more.
TICKET PRICES THROUGH OCTOBER 26TH:
TICKET PRICES BEGINNING OCTOBER 27TH:
The Coastal Carolina Fair returns Thursday, Oct. 27, 2022. ABC News 4 reporter Sean Mahoney spoke to organizers about fair safety, attendance expectations, and charities helped. (WCIV)
SAFETY
The use of metal detectors and a clear plastic bag policy will continue for this season, and that there will be plenty of security. Some of it will be around the clock during the fair’s two-week run.
“The No. 1 rule we have around here that tells us if we’ve had a good fair is if we’ve had a safe fair," said Coastal Carolina Fair’s media relations spokesperson Jay Wallace.
All rides are inspected by multiple agencies, Grimm said.
New RV superstore headed to Ladson near Goose Creek
Warren Wisehttps://www.postandcourier.com/business/new-rv-superstore-headed-to-ladson-near-goose-creek/article_f65e90a8-04b7-11eb-a73b-a30f37a4074b.html
LADSON — A new recreational vehicle vendor is setting up shop in the Charleston area.RV One Superstores, owned by RV Retailers LLC of Fort Lauderdale, Fla., plans to build a new location on Treeland Drive in Ladson near the College Park Road exit at Interstate 26.An affiliate of the company bought the nearly 16-acre site next to American Biker in late August for $2.95 million, according to Berkeley County land records.Under plans filed with state environmental regulators, the retailer is applying for a stormwater p...
LADSON — A new recreational vehicle vendor is setting up shop in the Charleston area.
RV One Superstores, owned by RV Retailers LLC of Fort Lauderdale, Fla., plans to build a new location on Treeland Drive in Ladson near the College Park Road exit at Interstate 26.
An affiliate of the company bought the nearly 16-acre site next to American Biker in late August for $2.95 million, according to Berkeley County land records.
Under plans filed with state environmental regulators, the retailer is applying for a stormwater permit for 13.3 acres. The wooded site abuts a creek, but the applicant says no wetlands will be disturbed. Part of the property to the east where wetlands are located is not included in the development, according to the company’s site plan.
The company doesn’t have a target date for construction to begin, but the new recreational vehicle store is expected to open sometime in 2021, according to RV Retailers President CEO Jon Ferrando.
“Charleston is an excellent, growing market, and we look forward to creating new jobs in the area and selling and servicing RVs for customers living in and traveling through Charleston,” Ferrando said.
The size of the sales and service center has not been determined, but a store that recently broke ground in Tyler, Texas, is about 24,000 square feet. The number of employees can range between 25 and 60.
RV One offers 11 locations in the U.S., including another one in South Carolina in Myrtle Beach, which opened in July 2019. Others are in Florida, New York and Iowa.
RV Retailers LLC is the parent of seven other recreational vehicle companies.
They include Camper Clinic, CCRV, Cousins RV, Explorer USA, Motor Home Specialists, Sunny’s RV and Tom’s Camperland.
In South Carolina the company also owns Sunny’s RV in Duncan near Spartanburg.
Altogether, RV Retailers operates 34 dealerships offering more than 35 brands in eight states. In addition to the Palmetto State, they are located in Arizona, Colorado, Florida, Iowa, New York, North Carolina and Texas.
Profits are mixed, but South Carolina-based banks are holding their own on the deposit front based on the early returns.
The first few out of the gate in issuing their quarterly updates hauled in a combined $958 million from new and existing customers in the first quarter of the year, led by a nine-figure inflow at United Community Bank.
The issue of how much money federally insured lenders are entrusted with to redeploy into the economy came into sharp focus last week, when a problem child of the industry released its latest results. First Republic revealed that its customers withdrew a stunning $102 billion last quarter, driven largely by concerns about the San Francisco bank’s health after two other financial institutions bit the dust in mid-March.
The so-called contagion from the failures didn’t show up in the first-quarter figures for the Palmetto State.
Greenville-based United Community, for instance, reported that its customer deposits increased $525 million through March 31 across its multistate franchise, not including the accounts it picked up from a recent acquisition, while crosstown rival Southern First added $293 million.
Myrtle Beach’s South Atlantic pulled in more than $40 million in new money for the same period at its 12 offices up and down the coast, bringing the total to $1.26 billion.
“While deposits and liquidity in the banking system have been called into focus in recent weeks, our deposits grew 13.2 percent ... on an annualized basis,” CEO Wayne Wicker said Tuesday.
Lexington-based First Community Bank was singing a similar tune.
“A strength of our bank has been and continues to be the value of our deposit franchise,” CEO Michael Crapps said earlier this month, pointing to a nearly $35 million influx.
“Notably, while the banking industry experienced some turmoil in March ... we actually saw some nice deposit growth,” he added.
Other community banks around the state that reported gains included First Reliance of Florence, up $38 million, Myrtle Beach’s Coastal Carolina National, up $25 million, and Walhalla-based Community First, up $13 million.
“We continue to experience solid growth metrics as we successfully navigate the current volatility in the overall banking industry,” Coastal Carolina National CEO Laurence Bolchoz said.
Lenders across South Carolina and the rest of the country were awash in cash during the Covid-19 crisis, as consumers and businesses socked away government aid money into savings and checking accounts. As of last July 1, the 76 banks with offices in the state reported $128 billion in deposits, up 9 percent from a year earlier, according to the latest government figures.
It wasn’t long ago that those funds weren’t earning much. Banks for years were able to pay miserly interest rates to their depositors, typically less than 1 percent, reflecting the Federal Reserve’s long campaign to keep borrowing costs low.
The calculus has changed, driven by the sudden burst of inflation.
The Fed got the ball rolling more than a year ago. It has cranked up its benchmark borrowing rate nine times since March 2022, taking it from nearly zero to roughly 5 percent, in an effort to cool the economy down. Meanwhile, savers have had to dip into their accounts to help pay for higher-priced goods.
Most lenders are now offering higher returns to attract and retain yield-chasing depositors — and it’s starting to pinch the bottom line.
United Community, the largest bank headquartered in South Carolina, noted that its “net interest margin” — the difference between what it takes in from borrowers and pays out in interest — contracted 3.6 percent last quarter from the end of 2022 “due to increased deposit costs,” according to CEO Lynn Harton.
Similarly, Southern First reported a decline in that key metric, saying it was driven by an “increase in interest expense on our deposit accounts related to the Federal Reserve’s ... interest rate hikes during the past 12 months.”
It was much the same at South Atlantic and First Community.
In Charleston, the Bank of South Carolina said it missed its profitability target for the first quarter, even though its earnings rose almost 9 percent from a year earlier.
“This outcome is the result of precipitous increases in our deposit costs to meet the intense competition amongst banks, brokerages and the U.S. Treasury,” CEO Fleetwood Hassell said in a written statement. “Although loan interest income has increased, our margins remain thin.”
He added that the prospects for more increases by the Fed “is uncertain.”
The short-term answer will come Wednesday, when the central bank wraps up its next policy meeting. It’s widely expected to bump up rates another notch.
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