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Bank Failures

Bid Summary for Beach First National Bank, Myrtle Beach, SC

Beach First National Bank, Myrtle Beach, S.C.
Closing Date: April 9, 2010

Failed Bank Information for Beach First National Bank, Myrtle Beach, SC

Winning Bidder: Bank of North Carolina, Thomasville, NC

Winning Bid: All deposits, whole bank with loss share – Asset Discount 11.084%; Deposit Premium 0%.

Cover (second place) Bidder: First Bank, Troy, NC

Cover Bid: All deposits, whole bank with loss share – Asset Discount 15.95%; Deposit Premium 0%.

Other Bidder: First Citizens Bank and Trust Company, Inc., Columbia, SC

Other Bids: All deposits, whole bank with loss share - Asset Discount 19.33%; Deposit Premium 0%.

Notes:

  • The winning bidder's acquisition of all the deposits was the least costly resolution compared to a liquidation alternative and the other bids. The liquidation alternative was valued using valuation models to estimate the market value of the assets. The bids for loss share were valued using a discounted cash flow analysis for the loss share portfolio over the life of the loss share agreement.
  • For more information on the bid disclosure policy, see Failed Financial Institution Bid Disclosure Policy.

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Last Updated: November 16, 2020