Bank Failure
Beach First National Bank
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Closed April 9, 2010 · Myrtle Beach, SC · FDIC Cert #34242.
- Closing date
- April 9, 2010
- Headquarters
- Myrtle Beach, SC
- FDIC Certificate
- 34242
- Total assets at closing
- $590.0M
- Total deposits at closing
- $521.1M
- Estimated loss to the insurance fund
- $164.6M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Bank of North Carolina
Context
On April 9, 2010, regulators closed Beach First National Bank, headquartered in Myrtle Beach, SC. At closing, the institution held approximately $590.0M in assets and $521.1M in deposits. The FDIC record names Bank of North Carolina as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $164.6M.
By assets at closing this is the 326th largest of the 3,526 bank failures in the FDIC record, and the 37th of 157 in 2010. It falls in the period the record labels Global Financial Crisis (2008-2013), a period with 489 failures peaking at 157 in 2010.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Beach First National Bank fail?
Beach First National Bank was closed by regulators on April 9, 2010.
Who acquired Beach First National Bank?
The FDIC record names Bank of North Carolina as the acquiring institution in the resolution of Beach First National Bank.
How big was Beach First National Bank when it failed?
Beach First National Bank had approximately $590.0M in total assets and $521.1M in deposits at the time of failure.
Other failures in 2010
| Date | Bank | Assets |
|---|---|---|
| Dec 17, 2010 | The Bank of Miami | $448.1M |
| Dec 17, 2010 | Chestatee State Bank | $244.4M |
| Dec 17, 2010 | United Americas Bank | $242.3M |
| Dec 17, 2010 | First Southern Bank | $191.8M |
| Dec 17, 2010 | Appalacian Community Bank, F.S.B. | $68.2M |
| Dec 17, 2010 | Community National Bank | $31.6M |
| Dec 10, 2010 | Paramount Bank | $252.7M |
| Dec 10, 2010 | Earthstar Bank | $112.6M |
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