North Carolina-based lender, BNC Bancorp has taken over Beach First National Bank, a South Carolina-based bank. The developments took place in the backdrop of the fact that more banks failed to sustain themselves. Till now, the number has reached 42.

BNC has an asset base of $1.6 billion and has paid $585.1 million for the assets of Beach First. The deal was close by Federal Deposit Insurance Corp. (FDIC) which acted as the receiver of the money.

The money for the deal was given by Bank of North Carolina, the acting lender of BNC.

Talking about the deal, W Swope Montgomery Jr., CEO of BNC Bancorp said that Beach First is an excellent takeover since it has a strong customer-base. This, he said, is going to attract more customers to BNC later on.

Meanwhile, the heat continues for "problem" banks in the US. Their losses continue to climb and the number of collapsing lenders goes up every day.

The total number of collapsed banks has touched the highest level since 1992 and experts warn that this could reach up to 140.