OCC Appoints Receiver for Beach First National Bank

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for Beach First National Bank, Myrtle Beach, South Carolina. As of December 31, 2009, the bank had approximately $602 million of total assets.

The OCC acted after finding that the bank had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices. The OCC also found that the bank incurred losses that depleted its capital and there is no reasonable prospect that the bank will become adequately capitalized without Federal assistance.

Information about the FDIC’s resolution of the bank will be released later by the FDIC.