This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

South Carolina Bank Fails

MYRTLE BEACH, S.C. ( TheStreet) -- The Office of the Comptroller of the Currency shut down Beach First National Bank, a small South Carolina bank, late Friday, bringing the number of U.S. bank failures this year to 42.

Beach First National Bank of Myrtle Beach had $585 million in total assets and was held by Beach First National Bancshares (BFNB).

The OCC appointed the Federal Deposit Insurance Corp. receiver, and the FDIC arranged for Bank of North Carolina of Thomasville to take over the failed institution. Bank of North Carolina is the main subsidiary of BNC Bancorp (BNCN - Get Report).

The FDIC agreed to share in losses on $498 million of the acquired assets, and the seven Beach First offices were scheduled to reopen Monday as Bank of North Carolina branches.

> > Bull or Bear? Vote in Our Poll Ratings had assigned an E-minus (Very Weak) financial strength rating to Beach First National Bank back in September, and the failed institution was also included in's listing of undercapitalized banks.

Like so many of the community banks that have failed since the beginning of 2008, Beach First was heavily concentrated in commercial construction loans, although a significant portion of the failed bank's losses during 2009 were also from single-family mortgages.

Ongoing Bank Failure Coverage

All previous bank and thrift failures since the beginning of 2008 are detailed in's interactive bank failure map:

The bank failure map is color-coded, with states that have the largest number of bank failures highlighted in red, and states with no bank failures in gray. By hovering your mouse over a state you can see the combined 2008-2010 totals for each state. Then click the state to open a detailed map that pinpoints the locations of the bank failures and provides additional information about each one.

Free Financial Strength Ratings Ratings issues independent and very conservative financial strength ratings on each of the nation's 8,500 banks and savings and loans. They are available at no charge on the Banks & Thrifts Screener.

-- Written by Philip van Doorn in Jupiter Fla.
Philip W. van Doorn joined Ratings., Inc., in February 2007. He is the senior analyst responsible for assigning financial strength ratings to banks and savings and loan institutions. He also comments on industry and regulatory trends. Mr. van Doorn has fifteen years experience, having served as a loan operations officer at Riverside National Bank in Fort Pierce, Florida, and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a Bachelor of Science in business administration from Long Island University.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BNCN $22.29 -0.85%
AAPL $112.03 2.30%
FB $93.24 0.83%
GOOG $643.48 0.68%
TSLA $220.67 -2.70%


Chart of I:DJI
DOW 17,084.49 +33.74 0.20%
S&P 500 2,013.43 +15.91 0.80%
NASDAQ 4,830.47 +19.6820 0.41%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs