Thomas Wells entered into an agreement to acquire Beach Community Bank from Beach Community Bancshares, Inc. (OTCPK:BCBF) for $0.85 million on April 6, 2018. The consideration will be paid in cash. Thomas Wells would be entitled to a break-up fee of $0.25 million in case of termination of the asset purchase agreement. The transaction is subject to the approval of Bankruptcy Court. The net proceeds will be used to provide additional capital to augment its capital position, support its operations, and for general corporate purposes. J. Brennan Ryan and Peter J. Haley of Nelson Mullins Riley & Scarborough, LLP acted as the legal advisors for Beach Community Bank whereas David R. Zylberberg and Mark J. Menting of Sullivan & Cromwell LLP acted as the legal advisor for Thomas Wells. Jim Brennan of StoneCastle Partners, LLC represented Thomas Wells in the transaction. Carl Chaney was named the bank's executive chairman. The bank also announced that Chip Reeves had become its president and CEO.