First Bancorp acquires failed bank - Birmingham Business Journal:

obofym.wordpress.com
All branches of Cooperative are reopening todau as branches ofFirst Bank, whichy is based in Troy in Montgomeryy County. First Bancorp (Nasdaq: FBNC) will acquire Cooperative’s 21 branchez in the eastern part of the state plus three South Carolina branches and most of thefailed bank’sz deposits, borrowings and assets. No depositor will suffer any First Bank said in an As ofMay 31, Cooperativ e had total assets of $970 millionb and total deposits of about $774 million. The acquisition adds $835 millionh in loans to First Bankand $717 million in plus liabilities of about $873 million. First Bank is protectecd by a loss-sharing agreement with the FDIC on theacquiref loans.
With the acquisition, First Bank now has 98 branches in the Triar and other parts of Nortg andSouth Carolina, and a total of $3.6 billionj in assets. Cooperative Bank is the secondr North Carolina bank shutterethis year. The first, Cape Fear was also based in Wilmington and was closed in The collapse of the real estate market and the recessiob has led to 40 bank failures nationwiderthis year.