The US Bankruptcy Court gave an order approving the sale of all of the shares of Beach Community Bank on May 22, 2018. The debtor has been authorized to sell all of the shares of its wholly owned subsidiary, Beach Community Bank to David F. Bolger 2018 Irrevocable Stock Trust, the stalking horse bidder for a purchase price of $0.85 million in cash. Brennan Ryan and Peter J. Haley of Nelson Mullins Riley & Scarborough, LLP acted as legal advisor for debtor and Mark J. Menting of Sullivan & Cromwell LLP acted as legal advisor for purchaser.