Bank Failure Friday

| About: SPDR S&P (KRE)

Looks like just one for Friday night….


—Failed bank: Beach First National Bank, Myrtle Beach SC
—Regulator: OCC
—Acquiring bank: Bank of North Carolina, Thomasville NC
—Vitals: assets of $585.1 million, deposits of $516.0
—Transaction: loss share covering $497.9 million of assets
—Estimated DIF damage: $130.3 million

Meanwhile, SNL Financial reports that bidding has been hot for failed bank assets. No wonder FDIC is pushing back on loss shares and looking to participate in the upside for publicly traded banks that submit winning bids…