The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of all of the shares of Beach Community Bank of Beach Community Bancshares, Inc. on April 17, 2018. The Court approved the asset purchase agreement between the debtor and David F. Bolger 2018 Irrevocable Stock Trust, the stalking horse bidder, for the sale of all of the shares of Beach Community Bank for a purchase price of $0.85 million in cash. The debtor’s assets include all the shares of Beach Community Bank a wholly owned subsidiary of the debtor. To qualify as a qualified bidder, interested parties should submit their bids by May 11, 2018 along with a good faith deposit in the amount of $0.35 million. The initial minimum overbid should be of at least $1.2 million. If the debtor receives any qualified bids then it would hold an auction for its assets on May 15, 2018. At the auction, the subsequent bids would be in increments of $0.1 million. The stalking horse bidder would be entitled to a break-up fee of $0.25 million and expense reimbursement of $0.01 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for May 18, 2018.