The Office of the Comptroller of the Currency announced the year's 42nd failure late Friday.

The Federal Deposit Insurance Corp. sold the operations of the $585 million-asset Beach First National Bank in Myrtle Beach, S.C., to Bank of North Carolina in Thomasville.

The acquirer assumed all of Beach First's $516 million of deposits and roughly all of its assets. The FDIC will share losses on $498 million of those assets.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access