Beach First National Bancshares Inc - Current report filing (8-K)
October 06 2008 - 5:09PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT
REPORT PURSUANT
TO
SECTION 13 OR 15(D) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of report (Date of
earliest event reported)
September 30, 2008
Beach
First National Bancshares, Inc.
(Exact name of registrant as specified in its charter)
South Carolina
(State or other jurisdiction of incorporation)
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000-22503
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57-1030117
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(Commission File Number)
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(IRS Employer Identification No.)
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3751 Robert Grissom Parkway, Suite 100, Myrtle Beach, South Carolina
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29577
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(Address of principal executive offices)
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(Zip Code)
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(843) 626-2265
(Registrants telephone
number, including area code)
(Former name or former
address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of
the following provisions (
see
General
Instruction A.2. below):
o
Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01. Other Events
Beach First National Bank has entered into an agreement with the Office
of the Comptroller of the Currency effective September 30, 2008. The agreement seeks to enhance the bank's
existing practices and procedures in several areas. Among the areas included are: Compliance,
Management Oversight, Planning, Credit Risk Management, Credit Underwriting,
Liquidity, Funds Management, and Information Technology. We believe the enhancements will help the
bank improve its infrastructure to manage the results of its historic growth as
it continues to serve its customers and meet the high standards for a national
bank.
The bank exceeds the well capitalized definition of the bank regulatory
agencies. Additionally, the bank
maintains loan loss reserves at levels in excess of the industry average among
its peer banks.
In anticipation of the agreement, the Board of Directors has appointed
a compliance committee to oversee enhancements, including those noted in the
agreement. That committee has been
making progress for over ninety days. We
have a long term relationship with the OCC and together look forward to
improving our bank.
The agreement is filed herewith as Exhibit 99.1 and is incorporated
herein by reference. The foregoing
description of the agreement is qualified in its entirety by reference to the
text of the agreement.
Item 9.01. Financial Statements and Exhibits
The
following exhibits are filed with this Form 8-K:
Exhibit No.
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Description
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99.1
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Agreement
by and between Beach First National Bank and The Office of the Comptroller of
the Currency
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2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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BEACH FIRST NATIONAL BANCSHARES, INC.
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By:
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/s/ Walter
E. Standish, III
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Name:
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Walter E. Standish, III
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Title:
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President &
Chief Executive Officer
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Dated:
October 6, 2008
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3
Exhibit No.
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Description
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99.1
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Agreement
by and between Beach First National Bank and The Office of the Comptroller of
the Currency
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4
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