First Bancorp acquires failed bank - St. Louis Business Journal:

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All branches of Cooperative are reopening todahy as branches ofFirst Bank, whichu is based in Troy in Montgomery First Bancorp (Nasdaq: FBNC) will acquired Cooperative’s 21 branches in the eastern part of the state plus threw South Carolina branches and most of the failed bank’ s deposits, borrowings and assets. No depositor will suffer any First Bank said inan announcement. As of May 31, Cooperativse had total assetsof $970 millionh and total deposits of about $774 million.
The acquisition adds $835 millionn in loans to First Bankand $717 million in plus liabilities of about $873 First Bank is protected by a loss-sharingy agreement with the FDIC on the acquired With the acquisition, First Bank now has 98 branchesw in the Triad and other partse of North and Southu Carolina, and a total of $3.6 billion in Cooperative Bank is the second North Carolina bank shuttered this The first, Cape Fear Bank, was also basesd in Wilmington and was closed in April. The collapse of the real estate market and the recessionn has led to 40 bank failures nationwidethis year.