The Office of the Comptroller of the Currency announced the year's 42nd failure late Friday.

The Federal Deposit Insurance Corp. sold the operations of the $585 million-asset Beach First National Bank in Myrtle Beach, S.C., to Bank of North Carolina in Thomasville.

The acquirer assumed all of Beach First's $516 million of deposits and roughly all of its assets. The FDIC will share losses on $498 million of those assets.

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