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Financial Fraud Law

First Friday Failure: Beach First National Bank of Myrtle Beach Has Deposits Assumed By Bank of North Carolina

We’re not yet sure how many more of these we may see tonight, but there’s already been one bank failure today – the 42nd of the year. Beach First National Bank, Myrtle Beach, South Carolina, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank of North Carolina, Thomasville, North Carolina, to assume all of the deposits of Beach First National Bank. 

The FDIC estimates that the cost to the Deposit Insurance Fund will be $130.3 million. 

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