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Friday marked the failure of another bank, pushing the 2010 total to 42. The Federal Deposit Insurance Corporation took over Beach First National Bank in Myrtle Beach, South Carolina. The bank had $585.1 million in assets and $516 in deposits. Bank of North Carolina, based in Thomasville, is taking over the failed bank's assets and deposits. The Beach First failure is expected to cost the FDIC $130.3 million.
A growing number of loan defaults, especially in the commercial real estate sector, have put considerable pressure on banks across the country. In fact, failures are expected to peak this year, exceeding the 140 that occurred in 2009, which was the worst year since 1992.
Only 25 banks failed in 2008, with three in 2007. The effects of the financial crisis are expected to cost the FDIC approximately $100 billion over the next four years. As of year-end 2009, there were 702 banks on the FDIC's secret list of "problem" banks. Three months earlier, there were only 552.
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