The closing of Beach First National Bank of Myrtle Beach made the bank the 42nd U.S. lender to fail this year as well as the first South Carolina failure in more than a decade. Victory State Bank of Columbia was the last bank to close in South Carolina (March 26, 1999). The Bank of North Carolina will take over the seven branches.
The failing of the Myrtle Beach bank is expected to cost the FDIC's deposit insurance fund $130.3 million. 140 banks failed this year, twenty five in 2008, and only three in 2007. The number of banks on the FDIC's confidential "problem'' list rose to 702 in the fourth quarter from 552 three months earlier.
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