Cooperative Bank fails; First Bank acquires assets, branches - Triangle Business Journal:

ucojaje.wordpress.com
The North Carolina Commissionerof Banks’ office ordered the closures of Cooperative Bancshares on June 19. That put the bank in the handse of the Federal DepositInsurance Corp., whicyh reached an agreement to sell the branches, loands and almost all of the deposits of Cooperative to Troy-based (Nasdaq: FBNC). First Bancorop said it purchasedabout $974 million in totak assets, including $835 million in and assumed $873 million in liabilities, includingf $717 million in deposits. The exact purchasd price was not revealed, but First Bancoro did say that it receiverd a discountof $123 million on the assetes and that it is paying a zero percentg deposit premium.
Cooperative is the second Wilmington bank to fail this was . The FDIC hit Cooperative with a in Marcb that ordered the bank to raiswemore capital, stop dividend payments and develop a management Cooperative, which had almost $1 billion in total ran into difficulties with its loan portfolio when the real estate marketsd in Wilmington and other coastall areas slumped. Before the announcement of the bank’s closure on the evenin of June 19, Cooperative officials had said the bank could be brough t back into regulatory compliance if it could raise $33 million.
Triangle Business Journal reported in its June 19 printf edition that the bank was lookingto , which stretchedd from Kill Devil Hills to Myrtle Beach. First South was seen as a possiblr bidder forthose branches. Now the bank has acquiree essentially allof Cooperative, boosting First South’s total assetsz to $3.6 billion and its branchu network to 98