Myrtle Beach, SC - MYRTLE BEACH, SC (WMBF) - BNC Bank executives have recently named Thomas Bouchette as its South Carolina president, following the company's takeover of the failed Beach First National Bank.
Bouchette joins BNC Bank with 24 years of experience in the community banking industry, most recently serving as regional president and executive vice president for a South Carolina bank. Prior to the position, Bouchette organized the holding company that founded SunBank.
"[Bouchette's] leadership will continue to make the transition as seamless as possible," BNC Bancorp Executive Vice-President and Chief Operating Officer Richard Callicutt II said. "We've retained the majority of Beach First employees and are moving forward with providing the best financial products and services for our customers and the community."
The Federal Deposit Insurance Corp. took over Beach First National Bank, based in Myrtle Beach, in April. At the time of the takeover, Beach First National Bank had $585.1 million in assets and $516 million in deposits.
BNC Bank, based in Thomasville, NC, agreed to assume the assets and deposits of the failed bank.
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.