FDIC April 9, 2010 Press Release:
-Bank of North Carolina, Thomasville, North Carolina, Assumes All of the Deposits of Beach First National Bank, Myrtle Beach, South Carolina.
-As of December 31, 2009, Beach First National Bank had approximately $585.1 million in total assets and $516.0 million in total deposits.
-The FDIC and Bank of North Carolina entered into a loss-share transaction on $497.9 million of Beach First National Bank's assets. Bank of North Carolina will share in the losses on the asset pools covered under the loss-share agreement.
-The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $130.3 million. Bank of North Carolina's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to all alternatives.