First Bancorp’s banking subsidiary, First Bank, has entered into a purchase and assumption agreement with the Federal Deposit Insurance Corp. (FDIC) as receiver for Cooperative Bank in Wilmington, N.C.
The North Carolina Commissioner of Banks issued an order providing for the closing of Cooperative Bank and appointed the FDIC as receiver.
According to the terms of the agreement, First Bank will acquire all deposits (except certain brokered deposits) and borrowings, and substantially all of the assets of Cooperative Bank and its subsidiary, Lumina Mortgage. All deposits are being assumed by First Bank with no losses to any depositor. Each of Cooperative Bank’s branches opened Monday as branches of First Bank.
Cooperative Bank operated through 21 branches in North Carolina and three branches in South Carolina. First Bank has purchased about $974 million in total assets, including $835 million in loans, and assumed $873 million in liabilities, including $717 million in deposits.
First Bancorp is a bank holding company headquartered in Troy, N.C., with total assets of about $3.6 billion, including the assets of Cooperative Bank acquired. First Bank, a state-chartered community bank, operates 10 branches in South Carolina (Cheraw, Dillon, Florence, Latta, Jefferson, Myrtle Beach and Little River). For more information, visit www.FirstBancorp.com online.
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