WASHINGTON – Regulators shuttered one bank Friday and none the week before, after seizing 12 institutions the prior two weeks.
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Friday’s failure of Beach First National Bank, a $585 million institution in Myrtle Beach, S.C., was the 42nd of a bank so far in 2010, after 140 in 2009.
It followed by one day the failure of South End Mutual Benefit Association, a one-time $4 million credit union in Hartford, Conn., the fifth credit union failure of the year.
The latest bank failure is expected to cost the FDIC's deposit insurance fund $130.3 million. The FDIC said Beach First is the first South Carolina bank closing since Victory State Bank of Columbia was closed on March 26, 1999.
