Bank goes bust. Too small to matter. Just another straw on the camel's back, so no worries:
Marcy Gordon, AP Business Writer, On Friday April 9, 2010, 9:10 pm EDT
WASHINGTON (AP) -- Regulators on Friday shut down a bank in South Carolina, marking 42 bank failures in the U.S. so far this year amid mounting loan defaults, especially in commercial real estate.
The Federal Deposit Insurance Corp. took over Beach First National Bank, based in Myrtle Beach, S.C., with $585.1 million in assets and $516 million in deposits. Bank of North Carolina, based in Thomasville, N.C., agreed to assume the assets and deposits of the failed bank.
In addition, the FDIC and Bank of North Carolina agreed to share losses on $497.9 million of Beach First National Bank's loans and other assets.
It was the first failure of an FDIC-insured bank in South Carolina since 1999. The resolution of Beach First is expected to cost the deposit insurance fund $130.3 million. >
finance.yahoo.com
Does a ton of straws weigh more than a ton of logs? Which can a bankrupt camel better support?
Mqurice |
