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Article: First Bancorp Acquires Cooperative Bank.
- Article from:
- PR Newswire
- Article date:
- June 20, 2009
CopyrightCOPYRIGHT 2009 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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TROY, N.C., June 19 /PRNewswire-FirstCall/ -- First Bancorp announced today that First Bank, its banking subsidiary, has entered into a purchase and assumption agreement with the Federal Deposit Insurance Corporation (FDIC), as receiver for Cooperative Bank, Wilmington, North Carolina, effective 6:00 pm today. 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 ...