Closed Friday, April 9, 2010 · Myrtle Beach, Horry County, South Carolina
Beach First National Bank
No bank in South Carolina had failed for eleven years, since Victory State Bank closed in 1999. Of the 21 failed banks on record in South Carolina since 1934, Beach First National Bank ranks third by size. It reported a net loss in three of its final nine reporting years.
On the books, 2002 to 2010
Total assets peaked at $718 million in the first quarter of 2009 and were 18% lower at the final report. Equity capital went from 12% of assets in the second quarter of 2002 to 1.4% at the last report. By then 25% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $29.5 million, was booked in 2009.* 2010: January to March only, the last report before closing.
Size against the other 2010 failures
Total assets of each 2010 failure, log scale; Beach First National Bank in red.
By assets it ranked 37th of the 157 failures in 2010. Across the failures of 2010, the median estimated loss came to 21% of assets. Ranked by estimated loss, it is 224th of 2,944 failures since 1934. In the size ranking of that year, just above it was Bank of Florida - Southeast of Fort Lauderdale, Florida ($595 million, loss 10% of assets); just below, Home National Bank of Blackwell, Oklahoma ($585 million, loss 11% of assets). Every 2010 failure in the explorer.
Failures in South Carolina
It was one of four banks in South Carolina to fail in 2010. The next was First National Bank of the South of Spartanburg, on July 16, 2010. Horry County has 2 failed banks on FDIC record since 1934. The other: Seabank Savings, FSB (1989).