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 TheStreet.com 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 TheStreet.com'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 CoverageAll previous bank and thrift failures since the beginning of 2008 are detailed in TheStreet.com's interactive bank failure map: