Beach First National Bank gets direction under new management

By Chandi Lowry - bio | email

MYRTLE BEACH, SC (WMBF) – Beach First National Bank customers are getting used to the idea of new bank management and a new name - Bank of North Carolina - following a seizure last week by the federal government.

Bank CEO Swope Montgomery said most workers will not be affected by the change and during the first day of the switch, customers had an easy transition.

"It's gone smooth. I didn't even know about it until [Monday] so it's been real easy and I get free checks, so that's real nice," said Cindy Wilson.

Customers also have the option of  higher CD rates and the opportunity to take advantage of a cedars program, which offers FDIC insurance worth several million dollars.

"I think it will be a positive change," Montgomery predicted. "I think you'll see some very competitive rates. I think you'll see more activity in the market, more advertising."

Montgomery comments workers who work with customers will keep their jobs.  There could be changes in management, but it's too soon to comment.

"We are just evaluating all of that right now. This thing has happened so quickly we've got to get to know the people here. The interim CEO is no longer here but we are looking at senior management and how they will fit in with our company."

The bank was shut down last week by the federal government.

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