MYRTLE BEACH, S.C. (
) -- 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
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
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.
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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
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
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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.
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Written by Philip van Doorn in Jupiter Fla.
Philip W. van Doorn joined TheStreet.com 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.