FDIC Call Center
Toll free number 1-866-954-9536
Hours of Operation – Eastern Time
April 9, 2010:
Until 9:00 p.m.
April 10, 2010:
a.m. – 6:00
April 11, 2010:
Noon – 6:00
8:00 a.m. – 8:00
On Friday, April 9, 2010, Beach First National Bank, Myrtle Beach, SC
was closed by the Office of the Comptroller of the Currency. The Federal
was then named Receiver. Subsequent to the closure, Bank of North Carolina,
Thomasville, NC acquired substantially all the
of Beach First National Bank
from the FDIC as Receiver for Beach First National Bank. Any claims by equity
holders were not acquired.
The total balance in your account(s) has been transferred to Bank
of North Carolina and will be available for transactions during regular business
the former Beach First National Bank branches starting on Monday, April
You may continue to use your same checks, ATM cards and debit cards until notified.
All Direct Deposits, including Social Security checks, will continue as usual.
What about my account with Beach First National Bank?
If you had an account with Beach First National Bank, you now have an account
with Bank of North Carolina, Thomasville, NC. All deposit
accounts, which include
checking, savings, money market, CDs and retirement accounts, have been
transferred to Bank of North Carolina, regardless of the dollar amount. No one
lost any money
on deposit in Beach First National Bank.
Customers of both banks should continue to use their existing branches until
Bank of North Carolina can fully integrate the deposit records of Beach First National Bank.
To forewarn you of any scams, please be advised that you will not receive
any notification from the FDIC, the Receiver, or Bank of North Carolina to
claim/unlock/unsuspend your account or to provide any private information.
be watchful for and resist any such scams to obtain information from you by
individuals or entities purporting to act on behalf of the FDIC or Beach First
I am a deposit broker or have brokered deposits. What do I do?
As an All-Deposit Transfer transaction, the total of all
deposit accounts, excluding the Cede & Co. brokered deposits, have been
assumed by Bank of North Carolina. The FDIC retained the Cede & Co. brokered
deposits and will pay those accounts off directly.
Be advised, however, that from and after the date of closing,
Bank of North Carolina will accrue and pay interest on
deposit liabilities at a rate it shall determine; accordingly,
Bank of North Carolina shall permit depositors, including
brokered depositors, impacted by reduced rates to withdraw
their deposits without penalty for early withdrawal.
If you are a customer who has a Beach First National Bank deposit
through a broker, you must contact your broker with any
questions. Once the FDIC receives a balanced investor file along with all the required documentation from your broker, your insured funds will be wired to them on your behalf.
Existing Deposits at Bank of North Carolina:
I already have other deposit accounts with the new bank. When combined with balances at this bank,
my deposits exceed $250,000. Are all funds insured?
The accounts transferred to Bank of North Carolina will be separately
insured for at least six months after the merger. This grace period gives
a depositor the opportunity to restructure the accounts, if necessary.
CDs from the failed bank are separately insured until the earliest maturity date after the end of the
six-month grace period.
CDs that mature during the six-month period and are renewed for the same term and in the same dollar
amount (either with or without accrued interest) continue to be separately insured until the first maturity
date after the six-month period.
If a CD matures during the six-month grace period and is renewed on any other basis, it would be
separately insured only until the end of the six-month grace period.
Interest Rates, Early Withdrawal Penalty:
Will I continue to earn interest at the same rate? Will I be charged an early withdrawal penalty?
Interest on all deposits accrued through Friday, April 9, 2010,
will be paid at your same rate. Bank of North Carolina will
review rates. If interest rates will change, you will be notified.
Your interest rate may be reduced.
You may withdraw funds from any transferred account without an early withdrawal
penalty until you enter into a new deposit agreement with your new bank.
Entering into a new deposit agreement can be done by either renewing your
a deposit to or a withdrawal from your account.
What about my loan or mortgage with Beach First National Bank?
All mortgages and loans have been assumed by Bank of North Carolina. Your
payment amount and due date are the same. If you are having your
payment deducted from your account, it will continue as it has
in the past. You
should continue to make your checks payable to Beach First National Bank
and send your payments to the same address.
All shares of Beach First National Bank were owned by its holding company, Beach First National Bancshares, Inc.,
Myrtel Beach, SC. The holding
company was not included in the closing of the bank or the
resulting receivership. If you are a
shareholder of Beach First National Bancshares, Inc., please do not
contact or file a claim with the Receiver. You may contact
Beach First National Bancshares, Inc. directly for information
Beach First National Bancshares, Inc.
3751 Robert M. Grissom Parkway
Myrtle Beach, SC 29577
Why do all deposits, insured or not, pass in some transactions but not in others?
The FDIC is required by law to employ the least-cost resolution measure for each failed financial institution. The most frequent result had been for the FDIC to transfer only the insured deposits in a Purchase and Assumption transaction; however, the temporary increase in the deposit insurance limit has assisted in the transfer of all deposits more often in the past year.