MYRTLE BEACH -- South Carolina's secretary of state is dissolving a North Carolina bank's recognition as a corporation in the state, a move that could affect the bank's ability to foreclose on properties and conduct alternative business in South Carolina courts. The Sun News of Myrtle Beach reported Sunday that the Bank of North Carolina's certificate of authority was revoked three months ago at the Revenue Department's request. South Carolina law requires the certificate to maintain a state court proceeding. A South Carolina lawyer representing Bank of North Carolina said the revocation was caused by an easily corrected oversight. Raleigh-based Bank of North Carolina took over the assets and some liabilities of the failed Beach First National Bank when federal regulators shut down the South Carolina bank in April 2010.
Wire report
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