afyfojahejus.blogspot.com
All branches of Cooperative are reopening today as branchesx ofFirst Bank, whichb is based in Troy in Montgomeruy County. First Bancorp (Nasdaq: FBNC) will acquire Cooperative’s 21 branchees in the eastern part of the state plus three South Carolinaz branches and most of thefailed bank’ deposits, borrowings and assets. No depositod will suffer any losses, First Bank said in an As of May 31, Cooperativew had total assetsof $970 million and totapl deposits of about $774 million. The acquisition adds $835 millio n in loans to First Bankand $717 millionm in deposits, plus liabilities of about $873 million.
First Bank is protectecd by a loss-sharing agreement with the FDIC on the acquired Withthe acquisition, First Bank now has 98 branchews in the Triad and other parts of Northh and South Carolina, and a totalp of $3.6 billion in assets. Cooperativw Bank is the second North Carolina bank shuttered this The first, Cape Fear was also based in Wilmington and was closed in The collapse of the real estate market and the recession has led to 40 bank failureas nationwide this year.
No comments:
Post a Comment