Beach First National Bank, based in Myrtle Beach, S.C., was shuttered by regulators last Friday as it became the 42nd U.S. bank to fail in 2010.
The bank, which was taken over subsequently by BNC Bancorp. in a FDIC-brokered deal, had $585.1 million in assets and $561 million in customer deposits.
The FDIC and the buyer will share losses on Beach First’s loans and securities. First Beach customers’ deposits are not at risk, the FDIC said.
Beach First was extremely profitable during the boom years as coastal Carolina real estate appreciated in value but was hard hit during the financial crisis.
The FDIC currently has 702 U.S. banks listed on its “problem list” during the fourth quarter of 2009.
